TRENCOR’S TEXTAINER NAMES HILLIARD C. TERRY, III AS EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER AND DANIEL W. COHEN AS VICE PRESIDENT AND GENERAL COUNSEL

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 60,9% beneficiary interest:

“Hamilton, Bermuda - (Business Wire) - Textainer Group Holdings Limited (NYSE:TGH) (“Textainer”), the world’s largest lessor of intermodal containers based on fleet size, today announced that it has appointed Hilliard C. Terry, III as Executive Vice President and Chief Financial Officer and Daniel W. Cohen as Vice President and General Counsel.

“We are very excited to have Hilliard and Dan join our leadership team,” said Philip K. Brewer, President and Chief Executive Officer of Textainer. “Hilliard brings an ideal blend of extensive public company treasury and financing expertise, coupled with significant international experience. Dan combines the practical experience of a corporate counsel and the insight of having worked on many mergers and acquisitions and securitization transactions at leading law firms. Their skills will enable Textainer to build on our success as the world's largest container lessor, delivering industry-leading service for our customers and solid returns for our stockholders.”

Mr. Terry was most recently Vice President and Treasurer and formerly the head of Investor Relations at Agilent Technologies, Inc., where he has worked since the company’s spin-off from Hewlett-Packard Company. Before joining Agilent, he worked in marketing and investor relations for HP’s VeriFone subsidiary. Mr. Terry has also held positions in investor relations and investment banking with Kenetech Corporation and Goldman, Sachs & Co., respectively. He holds an MBA from Golden Gate University and a BA from the University of California at Berkeley.

Mr. Cohen was previously with Sybase, Inc. for six years where he served as Corporate Counsel. Before joining Sybase, he practiced corporate, securities and mergers and acquisitions law with Wilson Sonsini Goodrich & Rosati in Palo Alto and practiced finance and securitization law with Mayer Brown in Chicago and Sidley Austin LLP in London. Mr. Cohen holds a JD from Northwestern University and a BS with honors from the University of Illinois. He is a member of the California Bar and previously passed the CPA exam.

Mr. Terry’s appointment will be effective in January while Mr. Cohen’s appointment was effective in September. Ernest Furtado, who had been serving as the Company’s Chief Financial Officer will continue to serve as the Company’s Senior Vice President and Chief Accounting and Compliance Officer.

Holders of securities in Trencor are advised that Textainer Group Holdings Limited (NYSE: TGH), in which Trencor has a 60,9% (30 September 2010: 61,8%) interest, has announced net profit attributable to its shareholders in US GAAP of US$134,7 million for the nine months ended 30 September 2011 compared with US$80,0 million for the same period in 2010. Profit in the current period included a US$14,8 million non-cash gain on the sale of containers to the prior non-controlling interest in Textainer’s asset-owning subsidiary. Textainer’s results may be viewed on its website www.textainer.com.

Adjusted to conform with IFRS, Textainer’s profit for the nine months ended 30 September 2011 was US$138,0 million (2010: US$76,3 million).

Trencor’s earnings for the 9 months to 30 September 2011 are as follows:

· Earnings per share for the nine months included a non-cash gain of 33,5 cents arising on the sale of containers to the prior non-controlling interest in Textainer’s asset-owning subsidiary. Textainer now owns 100% of this subsidiary.

· Earnings per share for the year ended 31 December 2010 included 72,4 cents following a reduction in the long-term receivables valuation adjustment; amount included for the nine months ended 30 September 2011: 12,4 cents (2010: 10,2 cents).

· Earnings per share for the nine months included a non-cash gain of 33,5 cents arising on the sale of containers to the prior non-controlling interest in Textainer’s asset-owning subsidiary. Textainer now owns 100% of this subsidiary.

· Textainer’s average fleet utilisation increased to 98,6% for the third quarter of 2011 from 98,0% for the same period in 2010; spot utilisation on 28 October 2011 was 98,2% (29 October 2010: 98,5%).

· Textainer ordered 177 000 twenty-foot equivalent units (“TEU”) of new standard dry-freight containers and 16 000 TEU of refrigerated containers for delivery through December 2011, and purchased 212 000 TEU of used containers, including some previously managed and additional containers from purchase-leaseback transactions, for a total of 405 000 TEU representing US$787 million of capital expenditures year to date, a new company record.

The financial information on which this update is based has not been reviewed and reported on by Trencor’s independent auditors.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 60,9% beneficiary interest:

“Hamilton, Bermuda, October 25, 2011 (Business Wire) -- Textainer Group Holdings Limited (NYSE: TGH) (“Textainer”), the world’s largest lessor of intermodal containers based on fleet size, today reported that it will announce results for the third quarter ended September 30, 2011 at 9:00 am EDT on November 4, 2011.

Investors' Webcast

Textainer will hold a conference call and Webcast with an accompanying slide presentation at 11:00 am EDT on Thursday November 4, 2011 to discuss Textainer’s 2011 third quarter results. An archive of the Webcast will be available one hour after the live call through November 4, 2012. For callers in the U.S. the dial-in number for the conference call is 877-303-9078; for callers outside the U.S. the dial-in number for the conference call is 970-315-0455. To access the live Webcast or archive, please visit Textainer’s website at http://www.textainer.com.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 60,9% beneficiary interest:

“Hamiltom, Bermuda - (Business Wire) - Textainer Group Holdings Limited (NYSE: TGH) (“Textainer”), the world’s largest lessor of intermodal containers based on fleet size, today announced that the Company's President and CEO, John A. Maccarone, is scheduled to present at the Dahlman Rose & Co. Fourth Annual Global Transportation Conference in New York on Thursday, September 8th at 11:00 AM ET.

The presentation will be broadcast live over the Internet and can be accessed at http://wsw.com/webcast/dahlman8/tgh/. In addition, the accompanying slide presentation and webcast will be available in the Investor Relations section of Textainer's Web site at http://www.textainer.com/.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 60,9% beneficiary interest:

“Hamilton, Bermuda - (Business Wire) - Textainer Group Holdings Limited (NYSE: TGH) (“Textainer”), the world’s largest lessor of intermodal containers based on fleet size, today announced that the Company’s President and CEO, John A. Maccarone, is scheduled to present at the Jefferies 2011 Global Shipping Conference in New York on Wednesday, September 7th at 2:30 PM ET.

The presentation will be broadcast live over the Internet and can be accessed at http://www.wsw.com/webcast/jeff63/tgh/. In addition, the accompanying slide presentation and webcast will be available in the Investor Relations section of Textainer’s Web site at http://www.textainer.com/.

Earnings per share in all three categories listed above include gains of 32,9 cents arising on the sale of containers during the six months under review from a non-recurring transaction.

The financial information on which this trading statement is based has not been reviewed and reported on by Trencor’s independent auditors. The unaudited interim results in respect of the six months ended 30 June 2011 are expected to be published on SENS on or about 18 August 2011.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 60,9% beneficiary interest:

“July 26, 2011: Hamilton, Bermuda, - (Business Wire) - Textainer Group Holdings Limited (NYSE: TGH) (“Textainer”), the world’s largest lessor of intermodal containers based on fleet size, today reported that it will announce results for the second quarter ended June 30, 2011 at 9:00 am EDT on August 9, 2011.

Investors' Webcast

Textainer will hold a conference call and Webcast with an accompanying slide presentation at 11:00 am EDT on Tuesday August 9, 2011 to discuss Textainer’s 2011 second quarter results. An archive of the Webcast will be available one hour after the live call through August 9, 2012. For callers in the U.S. the dial-in number for the conference call is 877-303-9078; for callers outside the U.S. the dial-in number for the conference call is 970-315-0455. To access the live Webcast or archive, please visit Textainer’s website at http://www.textainer.com.”

TRENCOR’S TEXTAINER ANNOUNCES THE ISSUANCE OF $400 MILLION OF SERIES 2011-1 FIXED RATE ASSET BACKED NOTES

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 60,9% beneficiary interest:

“June 22, 2011: Hamilton, Bermuda--(Business Wire)--Textainer Group Holdings Limited (NYSE: TGH) (“Textainer”, the “Company”, “we” and “our”), the world’s largest lessor of intermodal containers based on fleet size, today announced that Textainer Marine Containers Limited (“TMCL”), Textainer’s primary asset owning subsidiary, closed its offering of $400 million in aggregate principal amount of Series 2011-1 Fixed Rate Asset Backed Notes (the “Notes”). The Notes, initially purchased by Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, represent fully amortizing notes payable on a straight-line basis over a scheduled payment term of ten years, but not to exceed the maximum payment term of fifteen years. The interest rate is fixed at 4.70% per annum. The Notes were offered and sold by the initial purchasers of the Notes to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and to non-U.S. persons in accordance with Regulation S promulgated under the Securities Act. The proceeds from the issuance of the Notes are expected to be used to repay certain outstanding indebtedness of TMCL, in particular its Series 2010-1 Notes, and for general corporate purposes. The Notes are secured by a pledge of TMCL’s assets.

“We are extremely pleased that TMCL was able to issue $400 million of Notes,” said John Maccarone, Textainer’s President and Chief Executive Officer. “We believe that the successful issuance of these Notes demonstrates institutional investors’ strong confidence in and commitment to Textainer.”

“The successful issuance of these Notes will further strengthen our liquidity position and will help to ensure that we have the financing necessary to position Textainer for future growth.”

The Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act and applicable state laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any of the Notes, and shall not constitute an offer, solicitation or sale of the Notes in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

Important Cautionary Information Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. securities laws. Forward-looking statements include statements that are not statements of historical facts, and include, but are not limited to, statements concerning the anticipated term of the Notes, the intended use of proceeds from sale of the Notes, and the positioning of Textainer for future growth. Readers are cautioned that these forward-looking statements involve risks and uncertainties, are only predictions and may differ materially from actual future events or results. These risks and uncertainties include, without limitation the risks and uncertainties set forth in Textainer’s filings with the Securities and Exchange Commission. For a discussion of some of these risks and uncertainties, see Item 3 “Key Information - Risk Factors” in Textainer’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 18, 2011.

The Company’s views, estimates, plans and outlook as described within this document may change subsequent to the release of this press release. The Company is under no obligation to modify or update any or all of the statements it has made in this press release despite any subsequent changes that the Company may make in its views, estimates, plans or outlook for the future.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 60,9% beneficiary interest:

“June 9, 2011 Hamilton, Bermuda--(Business Wire)--Textainer Group Holdings Limited (NYSE:TGH) (“Textainer”), the world’s largest lessor of intermodal containers based on fleet size, today announced that the Company’s President and CEO, John A. Maccarone, is scheduled to present at the Deutsche Bank Global Industrials & Basic Materials Conference in Chicago on Thursday, June 16th at 10:00 AM CT.

The presentation will be broadcast live over the Internet and can be accessed at http://www.corporate-ir.net/ireye/confLobby.zhtml?ticker=TGH&item_id=4065813. In addition, the accompanying slide presentation and webcast will be available in the Investor Relations section of Textainer’s Web site at http://www.textainer.com/.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 60,9% beneficiary interest:

“June 1, 2011 Hamilton, Bermuda - (Business Wire) - Textainer Group Holdings Limited (NYSE: TGH) (“Textainer”), the world’s largest lessor of intermodal containers based on fleet size, today announced that the Company’s CFO, Ernest J. Furtado, is scheduled to present at the KBW Investment Management & Specialty Finance Conference in New York on Tuesday, June 7th at 1:55 pm EDT.

The presentation will be broadcast live over the Internet and can be accessed at http://www.kbw.com/news/conferenceIMSF2011_Webcast.html. In addition, the accompanying slide presentation and webcast will be available in the Investor Relations section of Textainer’s website at http://www.textainer.com/.

DISTRIBUTION OF ANNUAL REPORT, NO CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING

Trencor has distributed its annual financial statements in respect of the year ended 31 December 2010 and they are unchanged from the reviewed results released on SENS on 28 February 2011 and posted to shareholders on 4 March 2011.

The annual general meeting will be held on Thursday, 30 June 2011 at 1313 Main Tower, Standard Bank Centre, Heerengracht, Cape Town, commencing at 15:00 to transact the business as stated in the annual general meeting notice forming part of the annual financial statements. Provision has been made for shareholders or their proxies who prefer to attend in Johannesburg to participate in the meeting by means of a video link from Investec Bank Limited, 3rd floor M4, 100 Grayston Drive, Sandown, Sandton.

Trencor Services (Pty) Ltd Secretaries

26 May 2011

Sponsor Rand Merchant Bank (A division of FirstRand Bank Limited)

Note: The 2010 annual report can be accessed in the financial reports section of this website.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 60,9% beneficiary interest:

“May 20, 2011John Maccarone, President and CEO of Textainer Group Holdings (TGH) Limited to Retire; Philip Brewer Appointed as President and CEO of TGH; Robert Pedersen Appointed as President and CEO of Textainer Equipment Management Limited Hamilton, Bermuda - (Business Wire) - Textainer Group Holdings Limited (“TGH”, “Textainer” and the ‘Company’) announced at the Company’s annual general meeting that after 24 years of dedicated service to Textainer, John. A. Maccarone, the Company’s President and Chief Executive Officer, will retire later this year. Mr. Maccarone will remain a significant shareholder and a director of the Company.

As part of the succession planning process, the Board of Directors of TGH is pleased to announce that it has appointed Philip K. Brewer, currently Executive Vice President, to be the President and CEO of TGH and he will be nominated to the Company’s Board of Directors, upon Mr. Maccarone’s retirement. The Board of Directors has also appointed Robert D. Pedersen, currently Executive Vice President, to be the President and CEO of Textainer Equipment Management Limited, Textainer’s wholly owned subsidiary which provides container management, acquisition and disposition services for TGH.

Mr. Brewer, 54, has served as Textainer’s executive vice president since January 2006. He has been responsible for managing Textainer’s capital structure and identifying new sources of finance for the Company, as well as overseeing the management and coordinating the activities of the risk management and resale divisions. Mr. Brewer was senior vice president of Textainer’s asset management group from 1999 to 2005 and senior vice president of the capital markets group from 1996 to 1998. Prior to joining Textainer in 1996, Mr. Brewer worked at Bankers Trust as a managing director and Drexel Burnham Lambert, an investment banking firm. Mr. Brewer holds a B.A. in Economics and Political Science from Colgate University and a M.B.A. in Finance from Columbia University.

Mr. Pedersen, 52, has served as Textainer’s executive vice president responsible for worldwide sales and marketing and operations since January 2006 in which role he spearheaded Textainer’s major growth in the market. He was senior vice president of the Company’s leasing group from 1999 to 2005. From 1991 to 1999, Mr. Pedersen held several positions within Textainer, and from 1978 through 1991, he worked in various capacities for Klinge Cool, a manufacturer of refrigerated container cooling units, XTRA, a container lessor, and Maersk Line, a container shipping line. Mr. Pedersen is a graduate of the A.P. Moller Shipping and Transportation Program and the Merkonom Business School in Copenhagen, where he majored in Company Organization.

Neil I. Jowell, Chairman of TGH, on behalf of the Company’s Board of Directors, commented “Mr. Maccarone has done a tremendous job in leading Textainer to become the success it is today and the world’s largest lessor of intermodal containers based on fleet size. We will continue to benefit from his experience as a member of the Board and as an advisor to Mr. Brewer and the Company. Mr. Brewer has been a part of the Textainer Executive Management Team for over 15 years and has proven to be a talented leader. It’s a natural transition for him to step in to the position of President and CEO.”

Mr. Jowell added, “Mr. Pedersen has been a part of the Executive Management Team for 20 years and has played a key role in Textainer’s growth which has resulted in a current fleet size of 2.4 million TEU, the largest in the container leasing industry.”

“I am delighted with the appointment of Mr. Brewer as President and CEO of TGH and Mr. Pedersen as President and CEO of TEM. Mr. Brewer’s financing and capital structure experience coupled with Mr. Pedersen’s extensive container shipping and sales experience will allow Textainer to continue to build on the firm foundations established thus far,” commented Mr. Jowell.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 60,9% beneficiary interest:

“May 16, 2011 Hamilton, Bermuda -- (Business Wire) -- Textainer Group Holdings Limited (NYSE: TGH) (“Textainer”, the “Company”, “we” and “our”), the world's largest lessor of intermodal containers based on fleet size, today announced that Textainer has purchased approximately 171,000 TEU of containers and related lease rights and working capital that it has been managing for Buss Global Container Fonds 1 Partnership (“Buss Global”) since 2006. The transaction, which has an effective date of May 1, 2011, was closed today for a total purchase price of approximately $174 million. The majority of the Buss Global fleet consists of dry freight containers and the purchase increased the percentage of Textainer’s owned fleet from 52% of its total fleet at the end of March 2011 to 59% today.

“We are pleased to once again take advantage of opportunities presented by the current industry fundamentals and enter into another accretive transaction for our shareholders,” stated John A. Maccarone, President and CEO of Textainer. “While managing containers provides distinct benefits, container ownership is typically more profitable. By purchasing approximately 171,000 TEU of containers, we will increase the owned portion of our fleet, positioning us to further increase our profitability. We intend to continue to utilize our strong financial flexibility to take advantage of similar opportunities that allow us to grow the owned portion of our fleet,” commented Mr. Maccarone.

Holders of securities in Trencor are advised that Textainer Group Holdings Ltd (NYSE: TGH), in which Trencor has a 60,9% (31 March 2010: 62,0%) beneficiary interest, has announced net profit attributable to its shareholders in US GAAP of US$37,2 million for the three months ended 31 March 2011 compared with US$24,2 million for the same period in 2010. Textainer’s results may be viewed on its website www.textainer.com.

Adjusted to conform with IFRS, Textainer’s net profit for the three months ended 31 March 2011 was US$39,2 million (same period 2010: US$21,5 million.

Trencor’s earnings for the quarter to 31 March 2011 are as follows:

3 months ended 31 March

Year ended 31 December

2011

2010

2010

Cents per share Unaudited

Cents per share Unaudited

Cents per share Audited

HEADLINE EARNINGS

89,9

46,3

335,5

Add/(Deduct): Unrealised foreign exchange translation losses/(gains)

(9,1)

2,3

33,9

ADJUSTED HEADLINE EARNINGS

80,8

48,6

369,4

SA rand to US dollar:

- Period-end rate of exchange

R6,76

R7,30

R6,61

- Average rate of exchange for period

R6,93

R7,54

R7,33

COMMENTS:

Adjusted headline earnings excludes the effect of net unrealised foreign exchange gains and losses arising on the translation of the long-term receivables and related valuation adjustment..

Earnings per share for the year ended 31 December 2010 included 72,4 cents following the reduction in the long-term receivables valuation adjustment; amount included for the three months ended 31 March 2011: 1,3 cents (2010: 2,2 cents).

Textainer’s average fleet utilisation increased to 98,2% for the first quarter of 2011 from 90,1% for the first quarter 2010; spot utilisation on 29 April 2011 was 99,0% (30 April 2010: 94,7%).

Textainer ordered over 166 500 twenty-foot equivalent units (“TEU”) of new standard dry-freight containers for delivery in the first half of 2011 and purchased 9 000 TEU of refrigerated containers for delivery through July 2011, representing more than US$506,5 million of capital expenditures.

Textainer exercised an option to expand the size of its securitization facility by US$100 million to a total revolving commitment of US$850 million.

The financial information on which this update is based has not been reviewed and reported on by Trencor’s independent auditors.

In compliance with the JSE Limited Listings Requirements, it is announced that Mr HR (Hennie) van der Merwe has resigned his position as Managing Director and will assume the role of a part-time Executive Director of Trencor effective 28 April 2011.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 60,9% interest:

“April 21, 2011 Hamilton, Bermuda - (Business Wire) - Textainer Group Holdings Limited (NYSE: TGH) (“Textainer”), the world’s largest lessor of intermodal containers based on fleet size, today reported that it will announce results for the first quarter ended March 31, 2011 at 9:00 am EDT on May 5, 2011.

Investors' Webcast

Textainer will hold a conference call and Webcast with an accompanying slide presentation at 11:00 am EDT on Thursday May 5, 2011 to discuss Textainer’s 2011 first quarter results. An archive of the Webcast will be available one hour after the live call through May 5, 2012. For callers in the U.S. the dial-in number for the conference call is 877-303-9078; for callers outside the U.S. the dial-in number for the conference call is 970-315-0455. To access the live Webcast or archive, please visit Textainer’s website at http://www.textainer.com.”

In compliance with the JSE Limited Listings Requirements, it is announced that Mr Herman Wessels has been appointed as an independent non-executive director of Trencor Limited with effect from 1 April 2011.

Textainer Group Holdings Limited (NYSE: TGH), in which Trencor has a 61,2% interest, has filed its Form 20-F (annual report for the year ended 31 December 2010) with the US SEC. The report can be accessed on Textainer’s website http://investor.textainer.com.

TRENCOR’S TEXTAINER TO PRESENT AT THE J.P. MORGAN AVIATION, TRANSPORTATION AND DEFENSE CONFERENCE

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 61,2% interest:

“Hamilton, Bermuda - (Business Wire) - Textainer Group Holdings Limited (NYSE: TGH) (“Textainer”), the world's largest lessor of intermodal containers based on fleet size, today announced that the Company’s Executive Vice President, Phil Brewer, is scheduled to present at the J.P. Morgan Aviation, Transportation & Defense Conference in New York on Thursday, March 24, 2011 at 2:40 p.m. ET.

The presentation will be broadcast live over the Internet and can be accessed at http://cc.talkpoint.com/jpmc001/032211a_mg/?entity=36_812OVIC. In addition, the accompanying slide presentation will be available in the Investor Relations section of Textainer's Web site at http://www.textainer.com/.

SALE OF SHARES BY DIRECTORS AS A RESULT OF A SPECIFIC SHARE REPURCHASE

Further to the finalisation announcement released on SENS on 18 January 2011 that all conditions precedent to the specific share repurchase had been fulfilled, it is now advised that the specific share repurchase of 10 800 881 Trencor shares (“Buy-Back Shares”) from trusts in respect of which Messrs NI Jowell and C Jowell, directors of Trencor, are amongst the beneficiaries, was implemented on Monday, 14 March 2011.

A stronger performance in a robust container leasing market by its New York listed business, the 61,6% held Textainer container group, helped Trencor Ltd to increase headline earnings per share by 149% to 335,5 cents in 2010 from 134,8 cents in 2009. Adjusted headline earnings per share increased by 81% to 369,4 cents (2009: 203,5 cents). These excluded net unrealised foreign exchange losses and gains arising on translation of net dollar receivables and the related valuation adjustments; earnings in 2009 also excluded gains realised by Textainer on the repurchase of portion of its own debt.

Trencor today declared a final dividend of 100 cents per share, making a total of 140 cents per share for the year, 17% higher than the 2009 total of 120 cents.

Trencor said trading profit from continuing operations after net financing costs (but excluding gains on the repurchase of debt by Textainer in 2009) increased by 28% from R781 million in 2009 to R1 002 million.

Trencor’s chairman, Neil Jowell, said the company’s earnings for the year to December were also boosted by a reduction of R189 million in the net long-term receivable valuation adjustment following the significantly improved outlook for collections as a result of the prevailing strong container leasing market. This increased earnings by 72 cents per share.

Mr Jowell said the strengthening of the spot US$/R exchange rate from R7,35 to R6,61 over the year to 31 December 2010 resulted in net realised and unrealised exchange losses of R88 million for the year arising on the translation of the long-term receivables and related valuation adjustment from US dollars into rand. The effect of these losses on earnings per share in 2010 was 34 cents, compared with a loss in 2009 of 115 cents.

Mr Jowell said Textainer’s profit for the year, reported under IFRS, was US$128 million (2009: US$92 million including the gains on the repurchase of debt amounting to US$15,3 million). This amount included a reversal of certain taxation provisions amounting to US$11,1 million no longer required under IFRS.

He said Textainer’s current fleet utilisation was 98,6% compared to 91% a year ago. The leasing group had spent US$503,7 million on buying a total of 214 000 TEU (twenty foot equivalent units) of new equipment in 2010 and increased the owned portion of the total fleet to 51% as at 31 December 2010 from 45% in 2009.

Mobile Industries Ltd reported earnings per share of 23,5 cents for the year compared to 11,1 cents in 2009, but reminded shareholders that it distributed its entire 46% shareholding in Trencor to them on 7 February 2011. Mobile was thus not entitled to any dividend declared by Trencor and accordingly had not declared a dividend. Mobile will be delisted and wound up in due course.

MOBILE INDUSTRIES LIMITED (Incorporated in the Republic of South Africa) (Registration No 1968/014997/06) Share Code: MOB ISIN: ZAE000091435 ("Mobile" or "the company")

TRADING STATEMENT

Shareholders in Trencor and Mobile are advised that Trencor expects to report adjusted headline earnings (which excludes the effect of unrealised foreign exchange translation gains and losses, and excludes gains realised in 2009 by Textainer on the early retirement of portion of its own debt) of between 360 and 380 cents per share for the year ended 31 December 2010 (2009: 203,5 cents per share). Headline earnings are expected to be between 325 and 345 cents per share (2009: 134,8 cents per share). These improvements are mainly the result of the following:

A much stronger performance by Textainer which reported net profits under International Financial Reporting Standards (“IFRS”) of US$128 million (2009: US$ 92 million, including gains realised on the early retirement of portion of its own debt); this included a release of certain taxation provisions, amounting to US$11,1 million (2009: nil), no longer required under IFRS following the conclusion of an audit undertaken by the Internal Revenue Service.

A reduction of R189 million in Trencor’s net long-term receivable valuation adjustment following the significantly improved outlook for collections as a result of the currently very strong container leasing market.

The spot US$/R exchange rate strengthened from US$1 = R7,35 at 31 December 2009 to US$1 = R6,61 at 31 December 2010. This resulted in net realised and unrealised exchange losses of approximately R89 million for the year arising on the translation of the long-term receivables and related valuation adjustment from US dollars into rand (2009: loss R298 million). The effect of these losses on earnings per share in 2010 is 34 cents (2009: loss 115 cents).

Trencor’s basic earnings per share are expected to be between 325 and 345 cents per share (2009: 138,1 cents per share).

Based on Trencor’s estimated headline earnings above, Mobile is expected to report headline earnings of between 26 and 28 cents per share for the year ended 31 December 2010 (2009: 11,1 cents). Earnings per share are expected to be between 26 and 28 cents per share (2009: 10,8 cents). Shareholders in Mobile are reminded, however, that the company distributed its entire shareholding in Trencor to its shareholders on 7 February 2011 and that Mobile itself will thus not become entitled to any dividend declared by Trencor.

This forecast financial information has not been reviewed or reported on by Trencor’s or Mobile’s independent auditors. The reviewed results in respect of the year ended 31 December 2010 are expected to be published in the second half of February 2011.

TRENCOR’S TEXTAINER ANNOUNCES DATE FOR RELEASE OF FOURTH QUARTER 2010 RESULTS AND FULL YEAR RESULTS AND QUARTERLY CALL

We draw attention to the following news release issued on 27 January 2011 by Textainer Group Holdings Limited, in which Trencor has a 60,9% interest:

“Hamilton, Bermuda - (Business Wire) -- Textainer Group Holdings Limited (NYSE: TGH) (“Textainer”), the world's largest lessor of intermodal containers based on fleet size, today reported that it will announce results for the quarter and year ended December 31, 2010 at 9:00 am EST on February 10, 2011.

Investors' Webcast

Textainer will hold a conference call and Webcast with an accompanying slide presentation at 11:00 am EST on Thursday February 10, 2011 to discuss Textainer's 2010 fourth quarter and full year results. An archive of the Webcast will be available one hour after the live call through February 10, 2012. For callers in the U.S. the dial-in number for the conference call is 877-303-9078; for callers outside the U.S. the dial-in number for the conference call is 970-315-0455. To access the live Webcast or archive, please visit Textainer's website at http://www.textainer.com.

Trencor shareholders (“Shareholders”) are referred to the circular to Shareholders dated Monday, 22 November 2010 (“Circular”) and to the announcements by Trencor released on the Securities Exchange News Service (“SENS”) on Monday, 22 November 2010 and Tuesday, 14 December 2010, and are advised that: - the special resolutions relating to the specific share repurchase, as detailed in the Circular, were registered by the Companies and Intellectual Property Registration Office on Tuesday, 11 January 2011; and - the share repurchase agreement relating to the specific share repurchase, as detailed in the Circular, was concluded by the relevant parties on Thursday, 6 January 2011.

Accordingly, Shareholders are advised that all conditions precedent to the specific share repurchase have been fulfilled and that the specific share repurchase will be implemented in accordance with the timetable contained in the Circular and as summarised in the table below:

2011

Anticipated implementation date of the specific share repurchase to occur between

Tuesday, 1 March, and Monday, 4 April

Note: The above dates are subject to change. Any material changes will be released on SENS and published in the South African press.

A further announcement will be published on SENS to confirm: - the successful implementation of the specific share repurchase in accordance with its terms; and - the revised number of Trencor shares in issue.

Trencor shareholders are advised that at Trencor’s general meeting held on Tuesday, 14 December 2010, the special resolution and the ordinary resolution proposed were approved by 99,9% of the shares represented.

The special resolution will be lodged for registration with the Companies and Intellectual Property Registration Office (“CIPRO”) in due course. The finalisation date for the specific share repurchase is expected to be Tuesday, 18 January 2011 and the implementation date is expected to occur between Tuesday, 1 March 2011 and Monday, 4 April 2011. An announcement confirming the finalisation date will be issued following the registration of the special resolution by CIPRO.

Trencor shareholders are referred to the detailed Trencor announcement and the circular of 22 November 2010 wherein it was stated that: - the JSE Limited (“JSE”) ruled that Mobile Industries Limited (“Mobile”) is an associate of the trusts related to Neil Jowell and Cecil Jowell (collectively the “Trusts”) in terms of the Listings Requirements of the JSE and therefore may not vote on the specific share repurchase by Trencor from the Trusts of 10 800 881 Trencor shares at R38,61 each, as detailed in the abovementioned announcement and circular; and - Mobile disagrees with this ruling and indicated that it reserved its right to pursue the matter further in order to protect its shareholder rights.

Following further discussion with the JSE in this regard, Trencor is pleased to announce that it has been resolved that the JSE will withdraw its objection to the exercise by Mobile of its right to vote all of its Trencor shares if: (a) Neil Jowell and Cecil Jowell do not participate in the board resolutions relating to the exercise by Mobile of its votes on its Trencor shares insofar as concerns the specific share repurchase. This is in line with Neil Jowell and Cecil Jowell’s previously indicated intention as regards the aforementioned resolutions. In this regard the requisite board resolutions have been passed; and (b) holders of more than 50% of the shares in Mobile, excluding the Mobile shares held by the Trusts (i.e. approximately 37,5% of the Mobile shares) agree in writing that Mobile can exercise its voting rights in respect of all of its shares in Trencor in favour of the specific share repurchase resolution. In this regard Mobile has secured the requisite approval.

CIRCULARS TO MOBILE SHAREHOLDERS AND TRENCOR SHAREHOLDERS 22 November 2010

The Mobile circular to shareholders regarding the unbundling by Mobile of its entire shareholding in Trencor can be accessed here and the Trencor circular to shareholders regarding the specific share repurchase of Trencor shares can be accessed here.

Shareholders in Trencor and Mobile are advised that Textainer Group Holdings Ltd (NYSE: TGH), in which Trencor has a 61,8% interest, has announced net profit attributable to its shareholders in US GAAP of US$80,0 million for the nine months ended 30 September 2010 compared with US$65,4 million for the same period in 2009. Profit for the nine months last year included a US$15,3 million gain arising on the early extinguishment of debt following the purchase and cancellation of some of the 2005-1 Series Bonds, which was not repeated in 2010. Textainer’s results may be viewed on its website www.textainer.com.

Adjusted to conform with IFRS, Textainer’s net profit for the nine months ended 30 September 2010 was US$76,3 million (same period 2009: US$66,9 million including the said US$15,3 million gain arising on early extinguishment of debt).

Trencor’s earnings for the 9 months to 30 September 2010 are as follows:

9 months ended 30 September

Year ended 31 December

2010

2009

2009

Cents per share

Cents per share

Cents per share

Unaudited

Unaudited

Audited

HEADLINE EARNINGS

164,2

79,6

134,8

Add:

Unrealised foreign exchange translation losses

18,0

113,6

114,6

182,2

193,2

249,4

Deduct:

Gain realised on the repurchase and early extinguishment of debt by Textainer in 2009

-

(45,9)

(45,9)

ADJUSTED HEADLINE EARNINGS

182,2

147,3

203,5

SA rand to US dollar:

- Period-end rate of exchange

R6,95

R7,36

R7,35

- Average rate of exchange for period

R7,44

R8,62

R8,33

COMMENTS

·Adjusted headline earnings exclude the effect of net unrealised foreign exchange gains and losses arising on the translation of the long-term receivables and related valuation adjustment and in 2009, the gain on the early extinguishment of debt.

·Textainer has ordered 212 620 TEU in new containers year-to-date for delivery through December 2010, 90% of which will be owned directly by Textainer; 180 732 TEU, or 85%, are committed to long-term leases.

·Textainer’s fleet utilisation in the last week of October 2010 was 98,5% (31 December 2009: 88,6%).

Mobile’s headline earnings per share for the 9 months were 13,2 cents (same period 2009: 5,7 cents, full year 2009: 10,8 cents).

The financial information on which this trading update is based has not been reviewed or reported on by Trencor’s or Mobile’s independent auditors.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 61,8% interest:

“Hamilton, Bermuda, October 21, 2010 (Business Wire) -- Textainer Group Holdings Limited (NYSE:TGH) (“Textainer”), the world's largest lessor of intermodal containers based on fleet size, today reported that it will announce results for the third quarter ended September 30, 2010 at 9:00 am EDT on November 4, 2010.

Investors' Webcast

Textainer will hold a conference call and Webcast with an accompanying slide presentation at 11:00 am EDT on Thursday November 4, 2010 to discuss Textainer's 2010 third quarter results. An archive of the Webcast will be available one hour after the live call through November 4, 2011. For callers in the U.S. the dial-in number for the conference call is 877-303-9078; for callers outside the U.S. the dial-in number for the conference call is 970-315-0455. To access the live Webcast or archive, please visit Textainer's website at http://www.textainer.com.”

Trencor shareholders are referred to the announcement today by Mobile Industries Limited (“Mobile”) regarding a proposed unbundling (“Unbundling”) by Mobile of its 46,25% shareholding in Trencor.

Trencor shareholders are advised that discussions are currently in progress in terms of which, subject to the Unbundling becoming unconditional, Trencor will acquire approximately 50% of the Trencor shares that will be held post the Unbundling by trusts related to Neil Jowell and Cecil Jowell (directors of Trencor and Mobile), at a price of R38,61 per Trencor share, being the intrinsic value of Trencor’s shares on the date Trencor’s advisers commenced discussions with shareholders (“Specific Buy-Back”).

The proposed Specific Buy-Back and Unbundling are subject to various conditions precedent and may have a material effect on the price at which Trencor shares trade on the JSE Limited. Accordingly, Trencor shareholders are advised to exercise caution when dealing in their shares until a further announcement is made.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 61,8% interest:

“Hamilton, Bermuda, September 03, 2010 (Business Wire) -- Textainer Group Holdings Limited (NYSE:TGH) (“Textainer”), the world's largest lessor of intermodal containers based on fleet size, today announced that the Company's CFO, Ernest J. Furtado, is scheduled to present at the Jefferies 7th Global Shipping & Logistics Conference in New York on Wednesday, September 8th at 2:00 PM EDT.

The presentation will be broadcast live over the Internet and can be accessed at http://www.wsw.com/webcast/jeff51/tgh/. In addition, the accompanying slide presentation and webcast will be available in the Investor Relations section of Textainer's Web site at http://www.textainer.com/.”

Trading profit, which is earned in US dollars, after net finance costs, increased by 12% from US$49,8 million to US$55,8 million during the period under review. However, translated at the much stronger average exchange rate that prevailed in the current period, this declined in rand terms by 7% to R419 million from R451 million in 2009.

Net exchange gains, realised and unrealised, arising on translation into rand of the net dollar receivables and the related valuation adjustment amounted to R36 million (2009: loss R235 million); this non-cash adjustment had the effect of increasing earnings per share by 13,6 cents (2009 effect: 90,2 cents per share decrease).

Headline earnings per share (including the effect of realised and unrealised foreign exchange translation gains and losses and, in 2009 only, gains realised by Textainer on the early extinguishment of debt) were 121,1 cents (2009: 68,8 cents).

Adjusted headline earnings per share (which excludes the effect of foreign exchange translation gains and losses and gains realised by Textainer on the early extinguishment of debt) were 107,5 cents (2009: 113,1 cents).

The differing measures of earnings are better presented in tabular form:

6 months ended 30 June

Year ended

2010

2009

2009

Cents per share

Cents per share

Cents per share

Headline earnings

121,1

68,8

134,8

(Deduct)/Add:

Unrealised foreign exchange translation (gains)/losses

(13,6)

90,2

114,6

107,5

159,0

249,4

Deduct:

Gains realised on the repurchase

and early extinguishment of debt

by Textainer

-

(45,9)

(45,9)

Adjusted headline earnings

107,5

113,1

203,5

Based on the spot exchange rate of US$1= R7,63 and the price of Textainer’s shares listed on the NYSE on 30 June 2010 (US$24,14) the net asset value of Trencor at that date was as follows:

Net profit attributable to Textainer shareholders for the half year in US GAAP was US$49,3 million (2009: US$51,9 million including US$15 million realised on the early extinguishment of debt). Adjusted to conform with International Financial Reporting Standards, net profit was US$45,2 million (2009: US$53,0 million, including US$15 million realised on the early extinguishment of debt).

Fleet utilisation currently stands at a record high of 98,6%, compared with spot utilisation of 85,4% at 30 June 2009 and 88,6% at 31 December 2009.

Purchased 70 670 TEU of new containers that were delivered in the first half of 2010, and ordered an additional 128 150 TEU for delivery in the second half of 2010, representing a total of US$458 million of capital expenditures. 90% of the total new containers ordered in 2010 will be owned by Textainer.

Extended the term and increased the size of the funding facility from a total revolving commitment of US$475 million to US$750 million for a two-year revolving period, effective 29 June 2010.

Declared dividends of US$0,24 and US$0,25 per share in respect of quarters 1 and 2 of 2010 respectively.

Textainer Group Holdings Limited (NYSE: TGH), in which Trencor has a 61,9% interest, has reported its results for the second quarter and six months ended 30 June 2010. These results can be accessed on its website at www.textainer.com.

Further to the trading statement published on SENS on 4 August 2010, shareholders in Trencor and Mobile are advised that Trencor’s ADJUSTED HEADLINE EARNINGS (which excludes net unrealised foreign exchange gains and losses on translation of long-term receivables and, in respect of 2009, gains arising on the early extinguishment of debt by Textainer in 2009) are now expected to be between 100,0 and 110,0 cents per share for the six months ended 30 June 2010 (2009: 113,1 cents).

HEADLINE EARNINGS are now expected to be between 115,0 and 125,0 cents per share compared to 68,8 cents for the same period in 2009. The principal reasons for this increase are (a) that unrealised foreign exchange gains, before tax, arising on the translation of the net long-term dollar-denominated receivables amounted to R36 million for the period compared to net unrealised foreign exchange losses, before tax, of R235 million in the corresponding period in 2009; this represents a net, non-cash, turnaround in pre-tax profit of R271 million which (b) has been partially offset by the gains of R175 million on early extinguishment of debt by Textainer in 2009 not repeated in this period. The spot exchange rate declined by 28 cents from US$1 = R7,35 at 31 December 2009 to R7,63 at 30 June 2010. In the corresponding period last year, the spot exchange rate strengthened by 153 cents. Basic earnings are expected to be between 115,0 and 125,0 cents per share for the six months ended 30 June 2010 (2009: 77,8 cents per share).

Based on Trencor’s estimated earnings above, Mobile is expected to report basic and headline earnings of between 9,0 and 10,0 cents per share for the half year (2009: 6,2 cents).

The financial information on which this trading statement is based has not been reviewed and reported on by Trencor’s and Mobile’s independent auditors. The unaudited interim results in respect of the six months ended 30 June 2010 are expected to be published on or about 19 August 2010.

Shareholders in Trencor and Mobile are advised that Trencor’s ADJUSTED HEADLINE EARNINGS (which excludes net unrealised foreign exchange gains and losses on translation of long-term receivables and, in respect of 2009, gains arising on the early extinguishment of debt by Textainer in 2009) are expected to be between 95,0 and 105,0 cents per share for the six months ended 30 June 2010 (2009: 113,1 cents).

HEADLINE EARNINGS are expected to be between 110,0 and 120,0 cents per share compared to 68,8 cents for the same period in 2009. The principal reasons for this increase are (a) that unrealised foreign exchange gains, before tax, arising on the translation of the net long-term dollar-denominated receivables amounted to R36 million for the period compared to net unrealised foreign exchange losses, before tax, of R235 million in the corresponding period in 2009; this represents a net, non-cash, turnaround in pre-tax profit of R271 million which (b) has been partially offset by the gains of R174 million on early extinguishment of debt by Textainer in 2009 not repeated in this period. The spot exchange rate declined by 28 cents from US$1 = R7,35 at 31 December 2009 to R7,63 at 30 June 2010. In the corresponding period last year, the spot exchange rate strengthened by 153 cents. Basic earnings are expected to be between 110,0 and 120,0 cents per share for the six months ended 30 June 2010 (2009: 77,8 cents per share).

Based on Trencor’s estimated earnings above, Mobile is expected to report basic and headline earnings of between 9,0 and 10,0 cents per share for the half year (2009: 6,2 cents).

The financial information on which this trading statement is based has not been reviewed or reported on by Trencor’s and Mobile’s independent auditors. The unaudited interim results in respect of the six months ended 30 June 2010 are expected to be published on or about 19 August 2010.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 61,9% interest:

“Hamilton, Bermuda, July 29, 2010 (Business Wire) — Textainer Group Holdings Limited (NYSE: TGH) (“Textainer”), the world’s largest lessor of intermodal containers based on fleet size, today reported that it will announce results for the second quarter ended June 30, 2010 at 9:00 am EDT on August 12, 2010.

Investors' Webcast

Textainer will hold a conference call and Webcast with an accompanying slide presentation at 11:00 am EDT on Thursday August 12, 2010 to discuss Textainer’s 2010 second quarter results. An archive of the Webcast will be available one hour after the live call through August 12, 2011. For callers in the U.S. the dial-in number for the conference call is 877-303-9078; for callers outside the U.S. the dial-in number for the conference call is 970-315-0455. To access the live Webcast or archive, please visit Textainer’s website at http://www.textainer.com.”

The total commitment under the securitization facility increased from $475 million to $750 million. The interest rate is 2.75% over LIBOR during an initial two-year revolving period. If the securitization facility is not refinanced or renewed during this two-year period, the facility is structured to amortize over 10 years, but not to exceed the maximum term of 15 years.

“We are extremely pleased to extend and increase the size of TMCL’s securitization facility,” said John Maccarone, Textainer’s President and Chief Executive Officer. “The $750 million facility significantly expands our access to capital during a challenging credit environment and strengthens our relationships with global lending institutions. With this agreement, we have added five new banks to four existing banks, resulting in a stronger and more diverse lending group for the benefit of the Company and its shareholders. We believe the success of this transaction underscores our leadership position and demonstrates the participating banks’ strong confidence in and commitment to Textainer.”

“This securitization facility further strengthens our capital structure and complements our $205 million bank revolver, which matures in 2013. These two facilities total almost $1 billion, solidifying our ability to continue to grow both organically and through acquisitions as we have done in the past.”

Mr. Maccarone added, “We appreciate the ongoing support Textainer has received from leading banks. We would like to thank Wells Fargo Securities for structuring and placing the facility, Fortis Bank SA/NV and ING Bank as Mandated Lead Arrangers as well as Bank of America and SunTrust Bank as Managing Agents. We would also like to thank Fortis Bank Netherland, Credit Suisse AG, BTMU Capital Corporation and DVB Bank for their participation.”

Important Cautionary Information Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. securities laws. Forward-looking statements include statements that are not statements of historical facts, and include, but are not limited to, statements concerning the initial and future interest rates under the securitization facility. Readers are cautioned that these forward-looking statements involve risks and uncertainties, are only predictions and may differ materially from actual future events or results.

The Company’s views, estimates, plans and outlook as described within this document may change subsequent to the release of this press release. The Company is under no obligation to modify or update any or all of the statements it has made in this press release despite any subsequent changes that the Company may make in its views, estimates, plans or outlook for the future.

About Textainer Group Holdings Limited

Textainer has operated since 1979 and is the world’s largest lessor of intermodal containers based on fleet size. We have a total of 1.5 million containers, representing over 2.2 million twenty-foot equivalent units (TEU), in our owned and managed fleet. We lease containers to more than 400 shipping lines and other lessees, including each of the world’s top 20 container lines, as measured by the total TEU capacity of their container vessels. We believe we are one of the most reliable lessors of containers, in terms of consistently being able to supply containers in locations where our customers need them. We have provided an average of 96,000 TEU of new containers per year for the past 10 years and have been one of the largest purchasers of new containers among container lessors over the same period. We are one of the largest sellers of used containers among container lessors, having sold more than 100,000 containers during the last year to more than 1,000 customers. We provide our services worldwide via a network of regional and area offices and independent depots.

Textainer Group Holdings Limited (NYSE:TGH) (“Textainer”), the world’s largest lessor of intermodal containers based on fleet size, has announced that the Company’s President and CEO, John A. Maccarone, is scheduled to present at the 2010 Deutsche Bank Industrials Conference in Chicago on Tuesday, June 23, 2010 at 8:40 a.m. EDT.

The presentation will be broadcast live over the Internet and can be accessed at http://www.corporate-ir.net/ireye/confLobby.zhtml?ticker=TGH&item_id=3082145. In addition, the accompanying slide presentation and webcast will be available in the Investor Relations section of Textainer’s Web site at www.textainer.com.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 62,0% interest:

“Hamilton, Bermuda, June 09, 2010 (Business Wire) -- Textainer Group Holdings Limited (NYSE:TGH) (“Textainer”), the world’s largest lessor of intermodal containers based on fleet size, today announced that the Company’s CFO, Ernest J. Furtado, is scheduled to present at the Wells Fargo Securities Industrial Conference in New York on Tuesday, June 15, 2010 at 9:05 a.m. ET.

The presentation will be broadcast live over the Internet and can be accessed at http://www.wsw.com/webcast/wa64/tgh/. In addition, the accompanying slide presentation and webcast will be available in the Investor Relations section of Textainer’s Web site at http://www.textainer.com.

About Textainer Group Holdings Limited

Textainer has operated since 1979 and is the world’s largest lessor of intermodal containers based on fleet size. We have a total of 1.5 million containers, representing over 2.2 million twenty-foot equivalent units (TEU), in our owned and managed fleet. We lease containers to more than 400 shipping lines and other lessees, including each of the world’s top 20 container lines, as measured by the total TEU capacity of their container vessels. We believe we are one of the most reliable lessors of containers, in terms of consistently being able to supply containers in locations where our customers need them. We have provided an average of 96,000 TEU of new containers per year for the past 10 years and have been one of the largest purchasers of new containers among container lessors over the same period. We are one of the largest sellers of used containers among container lessors, having sold more than 100,000 containers during the last year to more than 1,000 customers. We provide our services worldwide via a network of regional and area offices and independent depots.

At the annual general meetings of Trencor and Mobile held today, all the ordinary and special resolutions proposed at the meetings were approved by the requisite majority of votes. The special resolutions will now be lodged with the Companies and Intellectual Property Registration Office for registration.

Holders of securities in Trencor and Mobile are advised that Textainer Group Holdings Ltd (NYSE: TGH), in which Trencor has a 62,0% interest, has announced US GAAP earnings of US$24,2 million for the quarter ended 31 March 2010 compared with US$20,9 million for the same period in 2009. Profit for the first quarter last year included a US$2,5 million gain arising on the early extinguishment of debt following the purchase and cancellation of some of the 2005-1 Series Bonds. Textainer’s results may be viewed on its website www.textainer.com.

Adjusted to conform with IFRS, Textainer’s earnings for the quarter ended 31 March 2010 were US$21,5 million(same period 2009: US$21,2 million including US$2,5 million gain arising on early extinguishment of debt).

Trencor’s earnings for the quarter to 31 March 2010 are as follows:

Quarter ended 31 March

Year ended 31 December

2010

2009

2009

Cents per share Unaudited

Cents per share Unaudited

Cents per share Audited

HEADLINE EARNINGS

46,3

90,9

134,8

Add/(Deduct): Unrealised foreign exchange translation losses/(gains)

2,3

(23,2)

114,6

48,6

67,7

249,4

Deduct: Gain realised on the repurchase and early extinguishment of debt by Textainer

-

(8,0)

(45,9)

ADJUSTED HEADLINE EARNINGS

48,6

59,7

203,5

SA rand to US dollar:

- Period-end rate of exchange

R7,30

R9,60

R7,35

- Average rate of exchange for period

R7,54

R9,82

R8,33

Adjusted headline earnings excludes the effect of net unrealised foreign exchange gains and losses arising on the translation of the long-term receivables and related valuation adjustment and in 2009, the gain on the early extinguishment of debt.

The decline in adjusted headline earnings compared to the same quarter last year is mainly due to the 30% strengthening in the average SA rand/US dollar exchange rate used to translate US dollar denominated income into rand.

In US dollar terms, adjusted headline earnings per share for the first quarter were 6,5 US cents (2009: 6,0 US cents).

Textainer’s fleet utilisation in the last week of April 2010 was 94,9% (31 December 2009: 88,6%).

Textainer has ordered more than 70 000 twenty foot equivalent units of new containers for delivery in the first half of 2010.

Mobile’s headline earnings per share for the quarter were 3,7 cents (same period 2009: 7,3 cents, full year 2009: 10,8 cents).

The financial information on which this trading update is based has not been reviewed or reported on by Trencor’s or Mobile’s independent auditors.

DISTRIBUTION OF ANNUAL REPORTS, NO CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETINGS

Trencor and Mobile have distributed their annual financial statements in respect of the year ended 31 December 2009 and they are unchanged from the reviewed results released on SENS on 19 February 2010.

The annual general meetings will be held on Wednesday, 26 May 2010, at 1313 Main Tower, Standard Bank Centre, Heerengracht, Cape Town, commencing at 15:00 to transact the business as stated in the annual general meeting notices forming part of the annual financial statements.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 62,1% interest:

“Hamilton, Bermuda, April 21, 2010 (Business Wire) -- Textainer Group Holdings Limited (NYSE:TGH) ("Textainer"), the world's largest lessor of intermodal containers based on fleet size, today reported that it will announce results for the first quarter ended March 31, 2010 at 9:00 am EST on May 5, 2010.

Investors' Webcast

Textainer will hold a conference call and Webcast with an accompanying slide presentation at 11:00 am EST on Wednesday May 5, 2010 to discuss Textainer's 2010 first quarter results. An archive of the Webcast will be available one hour after the live call through May 5, 2011. For callers in the U.S. the dial-in number for the conference call is 877-303-9078; for callers outside the U.S. the dial-in number for the conference call is 970-315-0455. To access the live Webcast or archive, please visit Textainer's website at http://www.textainer.com.

Textainer Group Holdings Limited (NYSE: TGH), in which Trencor has a 62,1% interest, has filed its Form 20-F (annual report for the year ended 31 December 2009) with the US SEC. The report can be accessed on Textainer’s website http://investor.textainer.com/sec.cfm and a PDF thereof can be accessed here.

TRENCOR’S TEXTAINER TO PRESENT AT THE J.P. MORGAN AVIATION, TRANSPORTATION AND DEFENSE CONFERENCE

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 62,3% interest:

“Hamilton, Bermuda, March 02, 2010 (Business Wire) -- Textainer Group Holdings Limited (NYSE:TGH) (“Textainer”), the world's largest lessor of intermodal containers based on fleet size, today announced that the Company's President and CEO, John A. Maccarone, is scheduled to present at the J.P. Morgan Aviation, Transportation and Defense Conference in New York on Wednesday, March 10, 2010 at 9:00 a.m. ET.

The presentation will be broadcast live over the Internet and can be accessed at http://metameetings.com/webcasts/jpmorgan/aviation10/directlink?ticker=TGH. In addition, the accompanying slide presentation and webcast will be available in the Investor Relations section of Textainer's Web site at http://www.textainer.com/.

About Textainer Group Holdings Limited

Textainer has operated since 1979 and is the world's largest lessor of intermodal containers based on fleet size. We have a total of more than 1.5 million containers, representing over 2.2 million TEU, in our owned and managed fleet. We lease containers to more than 400 shipping lines and other lessees. We principally lease dry freight containers, which are by far the most common of the three principal types of intermodal containers, although we also lease specialized and refrigerated containers. We have also been one of the largest purchasers of new containers among container lessors over the last 10 years. We believe we are also one of the largest sellers of used containers, having sold more than 100,000 containers during the last year to more than 1,000 customers. We provide our services worldwide via a network of offices and independent depots.

Trencor Ltd, which owns 62,3% of the New York-listed Textainer container group, saw adjusted headline earnings per share decline by 19% from 251,9 cents in 2008 to 203,5 cents in the year to December 2009.

A final dividend per share of 85 cents was declared, bringing the total for the year to 120 cents, a 9% increase on the 110 cents paid in 2008.

Trencor’s chairman, Neil Jowell, said trading profit decreased by 26% from R932 million in 2008 to R688 million. This was after net financing costs but excluding unrealised gains and losses on interest rate swaps and gains on early extinguishment of debt in Textainer. After accounting for the unrealised gains and losses on the interest rate swaps, the decrease in trading profit was 4% from R810 million in 2008 to R781 million in 2009.

Jowell said that over the life of an interest rate swap held to maturity, which Textainer intended to do, the unrealised gains or losses would net to zero.

Trencor’s net unrealised foreign exchange losses arising on translation of net dollar receivables and the related valuation adjustments, included in headline earnings of 134,8 cents per share (420,8 cents per share in 2008) but not in adjusted headline earnings, were R298 million before tax or 115 cents per share (2008: profit R439 million before tax or 169 cents per share). The year-end R/US$ exchange rate was R7,35 against R9,27 in 2008.

Jowell said Trencor’s consolidated gearing ratio dropped to 88% at year-end from 101% in 2008. All of the interest-bearing debt was in Textainer.

Textainer’s net profit for the year, including net gains on repurchase and extinguishment of debt amounting to US$15,3 million, was US$92,0 million, against US$87,7 million in 2008.

“Current fleet utilisation at Textainer, the world’s largest lessor of marine containers, has improved to 91% from 86% at the end of June 2009. Every 1% change in utilisation, based on Textainer’s fleet size and current lease rates, equates to about US$4,4 million change in the company’s annual pre-tax profit.”

Textainer expected to resume buying significant quantities of new standard dry freight containers this year and had already ordered 33 370 TEU (20-foot equivalent units) for delivery by May.

Jowell said the proportion of the total Textainer container fleet under management that is subject to long-term leases remained above 70%.

Mobile Industries Ltd which owns 46% of Trencor, reported basic earnings per share of 11,1 cents for the year (2008: 28,6 cents). Mobile declared a final dividend per share of 6,9 cents, bringing the total payout for the year to 9,7 cents, against 8,85 cents in 2008.

Shareholders in Trencor and Mobile are advised that Trencor expects to report ADJUSTED HEADLINE EARNINGS for the year ended 31 December 2009 some 20% lower at between 195 and 210 cents per share (2008: 251,9 cents per share). Adjusted Headline Earnings is the appropriate measure of Trencor’s financial performance in that it excludes the effect of unrealised foreign exchange translation gains and losses as well as gains realised by Textainer on the repurchase and early extinguishment of portion of its own debt. Largely due to the effect of the strengthening of the spot US$/R exchange rate on unrealised foreign exchange translation gains and losses, HEADLINE EARNINGS are expected to be between 125 and 140 cents per share for the year ended 31 December 2009 (2008: 420,8 cents per share). BASIC EARNINGS per share are expected to be between 130 and 145 cents per share (2008: 353,8 cents per share).

These changes are mainly the result of the following:

The spot US$/R exchange rate strengthened from US$1 = 9,27 at 31 December 2008 to US$1 = R7,35 at 31 December 2009. This resulted in net realised and unrealised exchange losses of approximately R298 million for the year arising on the translation of the long-term receivables and related valuation adjustment from US dollars into rand (2008: gain R439 million). The effect of these losses on adjusted headline earnings per share in 2009 is 115 cents (2008: gain 169 cents).

Net gains realised in 2009 by Textainer on the repurchase and early extinguishment of a portion of its own debt had the effect of increasing earnings per share by 46,0 cents (2008: nil).

More difficult trading conditions experienced during the year under review compared to 2008.

Based on Trencor’s estimated headline earnings above, Mobile is expected to report HEADLINE EARNINGS of between 10 and 12 cents per share (2008: 31,1 cents). Earnings per share are expected to be between 10 and 12 cents per share (2008: 28,6 cents).

This forecast financial information has not been reviewed and reported on by Trencor’s and Mobile’s independent auditors. The Reviewed Results in respect of the year ended 31 December 2009 are expected to be published in the second half of February 2010.

Textainer Group Holdings Limited (NYSE: TGH), in which Trencor has a 62,3% interest, has reported its results for the fourth quarter and year ended 31 December 2009. These results can be accessed on its website at www.textainer.com.

TRENCOR’S TEXTAINER ANNOUNCES DATE FOR RELEASE OF FOURTH QUARTER 2009 RESULTS AND FULL YEAR RESULTS AND QUARTERLY CALL

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 62,3% interest:

“Hamilton, Bermuda, Jan 28, 2010 (Business Wire) -- Textainer Group Holdings Limited (NYSE: TGH) (“Textainer”), the world's largest lessor of intermodal containers based on fleet size, today reported that it will announce results for the fourth quarter and year ended December 31, 2009 at 9:00 am EST on February 10, 2010.

Investors' Webcast

Textainer will hold a conference call and Webcast with an accompanying slide presentation at 11:00 am EST on February 10, 2010 to discuss Textainer's 2009 fourth quarter and full year results. An archive of the Webcast will be available one hour after the live call through February 10, 2011. For callers in the U.S. the dial-in number for the conference call is 888-240-0584; for callers outside the U.S. the dial-in number for the conference call is 913-312-0670. To access the live Webcast or archive, please visit Textainer's website at http://www.textainer.com.

TRENCOR’S TEXTAINER TO HOST INVESTOR AND ANALYST EVENT ON 16 NOVEMBER 2009

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 62,3% interest:

“Hamilton, Bermuda, Nov 10, 2009 (Business Wire) -- Textainer Group Holdings Limited (NYSE: TGH) (“Textainer”), the world's largest lessor of intermodal containers based on fleet size, announced today that it will host an investor and analyst meeting on November 16, 2009 at 12:00 pm (EST) in New York.

The meeting will be broadcast over the Internet. The webcast and accompanying slide presentation will be available on the investor link of the Textainer website at www.textainer.com.

The link to the webcast will be live just prior to the start of the presentation and will be available for on-demand replay within 24 hours. An archive of the webcast will also be available through the website for a period of one year.

About Textainer Group Holdings Limited

Textainer has operated since 1979 and is the world's largest lessor of intermodal containers based on fleet size. We have a total of more than 1.5 million containers, representing over 2.3 million TEU, in our owned and managed fleet. We lease containers to more than 400 shipping lines and other lessees. We lease dry freight containers, which are by far the most common of the three principal types of intermodal containers, as well as specialized and refrigerated containers. We have also been one of the largest purchasers of new containers among container lessors over the last 10 years. We believe we are also one of the largest sellers of used containers, having sold more than 170,000 containers during the last two years to more than 1,000 customers. We provide our services worldwide via a network of offices and independent depots.

Holders of securities in Trencor and Mobile are advised that Textainer Group Holdings Limited (NYSE: TGH), in which Trencor has a 62,3% interest, has announced US GAAP earnings of US$65,4 million for the nine months ended 30 September 2009 compared with US$72,3 million for the same period in 2008. Profit for the nine months to 30 September 2009 includes a US$15,3 million gain arising on the early extinguishment of debt; this was the result of the purchase and cancellation of some of Textainer’s 2005-1 Series Bonds. Textainer’s results may be viewed on its website www.textainer.com.

Adjusted to conform with IFRS, Textainer’s earnings for the nine months ended 30 September 2009 were US$66,9million (same period 2008: US$72,9 million).

Trencor’s consolidated trading results and earnings for the nine months to 30 September 2009 are as follows:

Adjusted headline earnings attributable to equity holders of the company

Rm

276

358

472

Headline earnings per share

Cents

79,6

294,9

420,8

Adjusted headline earnings per share

Cents

147,3

191,1

251,9

SA rand to US dollar:

- Period-end rate of exchange

R7,36

R8,29

R9,27

- Average rate of exchange for period

R8,62

R7,62

R8,12

Following the adoption of the 2008 improvements to IFRS with effect from 1 January 2009, headline earnings for the nine months includes net gains and losses arising from the ongoing disposals from Textainer’s container leasing fleet; the comparative amounts for 2008 have been restated accordingly.

Adjusted headline earnings continues to include the effect of net gains and losses arising from the ongoing disposals from Textainer’s container leasing fleet and exclude the effect of net unrealised foreign exchange gains and losses arising on the translation of the long-term receivables and related valuation adjustment and gains realised by Textainer on the early extinguishment of debt.

Mobile’s headline earnings per share for the nine months were 5,7 cents (same period 2008: 23,9 cents, full year 2008: 34,1 cents).

The financial information on which this trading update is based has not been reviewed or reported on by Trencor’s or Mobile’s independent auditors.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 62,3% interest:

“Hamilton, Bermuda, Oct 22, 2009 (Business Wire) -- Textainer Group Holdings Limited (NYSE: TGH) (“Textainer”), the world's largest lessor of intermodal containers based on fleet size, today reported that it will announce results for the third quarter ended September 30, 2009 at 9:00 am EDT on November 4, 2009.

Investors' Webcast

Textainer will hold a conference call and Webcast with an accompanying slide presentation at 11:00 am EDT on Wednesday November 4, 2009 to discuss Textainer's 2009 third quarter results. An archive of the Webcast will be available one hour after the live call through November 4, 2010. For callers in the U.S. the dial-in number for the conference call is 800-378-6902; for callers outside the U.S. the dial-in number for the conference call is 913-312-0652. To access the live Webcast or archive, please visit Textainer's website at http://www.textainer.com.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 62,3% interest:

“Hamilton, Bermuda, October 19, 2009 - Textainer Group Holdings Limited (NYSE: TGH) (“Textainer” or “the Company”), the world’s largest lessor of intermodal containers based on fleet size, today announced that the Company has purchased 31,000 containers (53,000 TEU) it has been managing for Amphibious Container Leasing Limited (“Amficon”). Approximately thirty-six percent of these containers are specialty containers, such as flatracks and open tops, with the balance consisting of dry freight containers. The effective date of this transaction is October 1, 2009.

“We are pleased to once again take advantage of current industry fundamentals and enter into another accretive transaction for shareholders,” stated John A. Maccarone, President and CEO of Textainer. “With the purchase of the 31,000 containers, we have increased the ownership portion of our fleet, positioning Textainer to further increase its profitability. While managing containers provides distinct benefits, we will continue to seek to utilize our strong financial flexibility to capitalize on similar opportunities aimed at continuing to grow our net income.” commented Mr. Maccarone.

About Textainer Group Holdings Limited

Textainer has operated since 1979 and is the world’s largest lessor of intermodal containers based on fleet size. We have a total of more than 1.5 million containers, representing over 2.3 million TEU, in our owned and managed fleet. We lease containers to more than 400 shipping lines and other lessees. We principally lease dry freight containers, which are by far the most common of the three principal types of intermodal containers, although we also lease specialized and refrigerated containers. We have also been one of the largest purchasers of new containers among container lessors over the last 10 years. We believe we are also one of the largest sellers of used containers, having sold more than 170,000 containers during the last two years to more than 1,000 customers. We provide our services worldwide via a network of offices and independent depots.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 62,3% interest:

“Hamilton, Bermuda, August 18, 2009 (Business Wire) -- Textainer Group Holdings Limited (NYSE: TGH) (“Textainer” or the “Company”), the world’s largest lessor of intermodal containers based on fleet size, today reported that 650 40’ High Cube reefers have been committed to a long-term lease with Hanjin Shipping with delivery starting in September 2009.

Hanjin Shipping is the largest container carrier in South Korea, and the 10th largest carrier in the World, operating some 60 services across the globe.

Textainer entered the refrigerated container market in 2008, and now operates a fleet of 10,000 refrigerated containers.

“We are pleased to have concluded our largest single new reefer transaction, positioning the Company to further enhance its industry leadership and earnings potential over the long-term,” commented John A. Maccarone, President and CEO of Textainer. “The accretive reefer transaction with Hanjin Shipping, which will result in a $10.5 million capital expenditure, meets our strict return criteria and furthers our strategy of securing a significant percentage of our fleet on long-term leases. With more than $350 million in liquidity and low leverage, we intend to continue to seek additional opportunities to further grow the Company in a disciplined manner.”

Mr. Maccarone continued, “Despite the downturn in the global shipping market, demand for reefers has remained relatively strong. Since dry-freight container manufacturers remain closed, it is likely that refrigerated containers will be the only new production added to the world container fleet during 2009.”

About Textainer Group Holdings Limited

Textainer has operated since 1979 and is the world’s largest lessor of intermodal containers based on fleet size. We have a total of more than 1.5 million containers, representing over 2.3 million TEU units, in our owned and managed fleet. We lease containers to more than 400 shipping lines and other lessees. We principally lease dry freight containers, which are by far the most common of the three principal types of intermodal containers, although we also lease specialized and refrigerated containers. We have also been one of the largest purchasers of new containers among container lessors over the last 10 years. We believe we are also one of the largest sellers of used containers, having sold more than 170,000 containers during the last two years to more than 1,000 customers. We provide our services worldwide via a network of 14 regional and area offices and over 330 independent depots in more than 150 locations.

Trencor Ltd has maintained its interim dividend at 35 cents per share despite adjusted headline earnings per share dropping to 113,1cents from 129,5 cents in the corresponding 2008 period. Adjusted headline earnings per share excludes the effect of foreign exchange translation gains and losses as well as profits realised by Textainer on the early extinguishment of debt.

Trencor, which has a 62,3% interest in the New York-listed Textainer container leasing group, said trading profit from continuing operations, after net interest, which is earned in US dollars, increased by 2% from R443 million to R451 million during the six months to 30 June. Expressed in dollars, trading profit decreased by 15% from US$58,5 million to US$49,8 million.

In a trading statement last week, Trencor said the spot exchange rate strengthened by 153 cents from US$1 = R9,27 at 31 December 2008 to R7,74 at 30 June 2009. In the corresponding period last year, the spot exchange rate weakened by 107 cents.

Net exchange losses, arising on translation into rand of the net dollar receivables and the related valuation adjustment, came to R235 million against a gain in 2008 of R194 million. This non-cash adjustment had the effect of decreasing earnings per share by 90 cents against an increase of 75 cents per share in 2008.

Headline earnings per share, which includes the effect of foreign exchange translation gains and losses and profits realised by Textainer on early extinguishing debt, were 68,8 cents (2008: 204,1 cents).

Trencor’s chairman, Neil Jowell, said Textainer’s interest-bearing debt was reduced by US$97,2 million during the six months to June through debt repurchases and net repayments.

He said Textainer’s net profit for the half year was US$53 million (2008: US$48 million). This included US$15 million realised on the early extinguishing of debt.

“The cyclical downturn in the container shipping industry was evident in the shift in the average utilisation of the Textainer container fleet. For the first quarter of the year this was 90,7% but for the second quarter it was 86,9%. For the first six months of 2008 it was 93,4%. Spot utilisation at 30 June was 85,4%, compared with 95,5% in 2008.”

Jowell said Textainer’s total managed fleet increased by 15% following the purchase of the rights to manage the container fleet of Amphibious Container Leasing effective 1 May and the Capital Intermodal and Xines fleets from 1 July.

He said 70% of the more than 2,1 million TEU (twenty foot equivalent unit) fleet under Textainer management at 30 June was on long-term lease compared to 67,9% of the fleet in June 2008.

Mobile Industries Ltd which owns 46% of Trencor, also maintained its interim dividend at 2,8 cents per share. Mobile reported headline earnings per share of 5,5 cents for the half year (2008: 16,5 cents).

Textainer Group Holdings Limited (NYSE: TGH), in which Trencor has a 62,3% interest, has reported its results for the second quarter and six months ended 30 June 2009. These results can be accessed on its website at www.textainer.com and a PDF of its results can be accessed here.

Holders of securities in Trencor and Mobile are advised that Trencor’s adjusted headline earnings (which excludes net unrealised foreign exchange gains and losses on translation of long-term receivables and gains arising on the early extinguishment of debt by Textainer) are expected to be between 110,0 and 120,0 cents per share for the six months ended 30 June 2009 (2008: 129,5 cents).

Headline earnings are expected to be between 60,0 and 70,0 cents per share compared to 204,1 cents for the same period in 2008. The principal reason for this reduction is that unrealised foreign exchange losses, before tax, arising on the translation of the net long-term dollar-denominated receivables amounted to R235 million for the period compared to net unrealised foreign exchange gains, before tax, of R194 million in the corresponding period in 2008; this represents a net, non-cash, turnaround in pre-tax profit of R429 million. The spot exchange rate strengthened by 153 cents from US$1 = R9,27 at 31 December 2008 to R7,74 at 30 June 2009. In the corresponding period last year, the spot exchange rate weakened by 107 cents. Following the adoption of Improvements to IFRS, net gains and losses arising from the sale of containers from Textainer’s container fleet are now included in headline earnings and comparative figures have been amended as appropriate. Basic earnings for the entity as a whole are expected to be between 70,0 and 80,0 cents per share for the six months ended 30 June 2009 (2008: 181,1 cents per share).

Based on Trencor’s estimated earnings above, Mobile is expected to report headline earnings per share of between 5,0 and 7,0 cents per share for the half year (2008: 16,5 cents). Undiluted basic earnings for the entity as a whole are expected to be between 5,0 and 7,0 cents per share for the six months ended 30 June 2009 (2008: 14,6 cents per share).

The financial information on which this trading statement is based has not been reviewed or reported on by Trencor’s or Mobile’s independent auditors. The unaudited interim results in respect of the six months ended 30 June 2009 are expected to be published on or about 14 August 2009.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 62,3% interest:

“Hamilton, Bermuda, July 28, 2009 (Business Wire) -- Textainer Group Holdings Limited (NYSE: TGH) ("Textainer"), the world's largest lessor of intermodal containers based on fleet size, today reported that it will announce results for the second quarter ended June 30, 2009 at 9:00 am EDT on August 11, 2009.

Investors' Webcast

Textainer will hold a conference call and Webcast with an accompanying slide presentation at 11:00 a.m. EDT on Tuesday August 11, 2009 to discuss Textainer's 2009 second quarter results. An archive of the Webcast will be available one hour after the live call through August 11, 2010. For callers in the U.S. the dial-in number for the conference call is 877-419-6598; for callers outside the U.S. the dial-in number for the conference call is 719-325-4846. To access the live Webcast or archive, please visit Textainer's website at http://www.textainer.com.”

In compliance with the JSE Limited Listings Requirements, it is announced that Mr Roderick (Roddy) John Alwyn Sparks has been appointed as an independent non-executive director of Trencor Limited with effect from 27 July 2009.

With this agreement and including the acquisition of management rights for Amficon's container fleet, which was announced on April 16, 2009, Textainer has added 300,000 TEU to its fleet, representing an increase of 15%. As a result of these purchases, Textainer will operate a fleet of approximately 2.3 million TEU.

John Maccarone, President and CEO of Textainer, commented, “We are proud to have entered into our second transaction with Ian Karan, a legend in container leasing and trading and noted philanthropist. With this agreement, we have once again drawn upon our considerable financial flexibility to further enhance the Company's leading position and cost effectively increase its earnings power in a low-risk manner. We expect this transaction to be immediately accretive to earnings and further reduce our overhead cost per container. In addition, the fleet has an average age of only two years and, as a result, we anticipate it will generate attractive management fees until at least 2019. The fleet also includes refrigerated containers, an area of emphasis for Textainer, as well as several other types of special containers which complement our strategic growth initiatives.”

Mr. Maccarone continued, “We are pleased to continue to take advantage of this challenging economic environment and expand the Company in a disciplined manner that meets our strict growth and return criteria. In accomplishing this important objective, we have maintained our significant financial strength, which includes over $350 million in liquidity. Accordingly, we remain well positioned to continue to seek additional favorable opportunities in acquisitions, purchase-leasebacks and long-term lease transactions, which we believe may arise in the second half of 2009.”

Ian K. Karan, Chairman of Capital Intermodal, said, “Two years ago, amid stiff competition, I chose Textainer to manage the 510,000 TEU Capital Lease Limited fleet. Textainer's performance even in this challenging operating environment has been exemplary, and I remain pleased with my decision. The fleet of mostly specialized units operating under Capital Intermodal has expanded rapidly since its inception in 2005 both organically and through the takeover of the Management of the Xines Ltd. fleet. In addition to standard dry freight containers, the fleet consists of refrigerated, tank and bulk containers and also includes open tops, flat racks, bitumen and other highly specialized equipment. Capital Intermodal's customer base extends over 100 operators and shipping lines and the investment in the owned and managed fleet totals over $500 million. In today's difficult economic environment, it seemed obvious to me that a company of the scale and depth of Textainer should guide Capital Intermodal going forward.

“Inevitably, Textainer was the best choice to manage a large part of the fleet. Capital Intermodal will continue to be an investor in containers and will operate certain types of equipment such as tank containers for its own account.”

Important Cautionary Information Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. securities laws. Forward-looking statements include statements that are not statements of historical facts, and include, without limitation, statements regarding (i) Textainer's expectation that the acquisition of management rights to Capital's container fleet will cost effectively increase its earnings power in a low-risk manner; (ii) Textainer's expectation that the Capital acquisition will be immediately accretive to earnings and further reduce its overhead cost per container; (iii) Textainer's expectation that the Capital acquisition will generate attractive management fees until at least 2019 and (iv) Textainer's belief that additional favorable opportunities in acquisitions, purchase-leasebacks and long-term lease transactions may arise in the second half of 2009. These risks and uncertainties include, without limitation, the possibility that the economies of scale, cost savings, and any other synergies expected from the acquisition may not be fully realized or may take longer to realize than expected; the risk that the acquisition could present unforeseen integration obstacles or costs; the continued downturn and other adverse developments in the global economy; the Company's continued ability to finance any future transactions, including the Company's continued borrowing availability under its debt facilities; and other risks and uncertainties, including those set forth in the Company's filings with the Securities and Exchange Commission. For a discussion of some of these risks and uncertainties, see Item 3, “Key Information - Risk Factors” and Item 5, “Operating and Financial Review and Prospects” in the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2008 filed with the Securities and Exchange Commission on March 16, 2009 and the risks and uncertainties described in the Company's Quarterly Report on Form 6-K for the three months ended March 31, 2009 filed with the Securities and Exchange Commission on May 12, 2009.

The Company's views, estimates, plans and outlook as described in this press release may change subsequent to the release of this press release. The Company is under no obligation to modify or update any or all of the statements it has made herein despite any subsequent changes the Company may make in its views, estimates, plans or outlook for the future.

About Textainer Group Holdings Limited

Textainer has operated since 1979 and is the world's largest lessor of intermodal containers based on fleet size. We currently have a total of more than 1.3 million containers, representing 2.15 million TEU, in our owned and managed fleet. We lease containers to more than 400 shipping lines and other lessees. We principally lease dry freight containers, which are by far the most common of the three principal types of intermodal containers, although we also lease refrigerated and other specialized containers. We have been one of the largest purchasers of new containers among container lessors over the last 10 years. We believe we are one of the largest sellers of used containers, having sold more than 170,000 containers during the last two years. We provide our services worldwide via a network of 14 regional and area offices and over 330 independent depots in more than 150 locations.

At the annual general meetings of Trencor and Mobile held today, all the ordinary and special resolutions proposed at the meetings were approved by the requisite majority of votes. The special resolutions will now be lodged with the Companies and Intellectual Property Registration Office for registration.

Holders of securities in Trencor and Mobile are advised that Textainer Group Holdings Limited (NYSE: TGH), in which Trencor has a 62,3% interest, has announced US GAAP earnings of US$20,9 million for the quarter ended 31 March 2009 compared with US$17,4 million for the same period in 2008. Profit for the first quarter of 2009 includes US$2,5 million gain arising on the early extinguishment of debt; this was the result of the purchase and cancellation of some of the 2005-1 Series Bonds. Textainer’s results may be viewed on its website www.textainer.com.

Adjusted to conform with IFRS, Textainer’s earnings for the quarter ended 31 March 2009 were US$21,2 million (same period 2008: US$17,7 million).

Trencor’s consolidated trading results and earnings for the quarter to 31 March 2009 are as follows:

Quarter ended 31 March

Year ended 31 December

2009

2008

2008

Unaudited

Unaudited

Audited

Trading profit after net financing costs

Rm

282

174

810

Net realised and unrealised foreign exchange translation gains

Rm

60

236

439

Headline earnings attributable to equity holders of the company

Rm

170

240

720

Adjusted headline earnings attributable to equity holders of the company

Rm

127

83

472

Headline earnings per share

Cents

90,9

127,9

384,4

Adjusted headline earnings per share

Cents

67,7

44,1

251,9

SA rand to US dollar:

- Period-end rate of exchange

R9,60

R8,10

R9,27

- Average rate of exchange for period

R9,82

R7,46

R8,12

Following the adoption of the 2008 improvements to IFRS with effect from 1 January 2009, headline earnings for the quarter includes net gains and losses arising from the ongoing disposals from Textainer’s container leasing fleet; the comparative amounts for 2008 have not been amended as the improvements were adopted prospectively.

Adjusted headline earnings continues to include the effect of net gains and losses arising from the ongoing disposals from Textainer’s container leasing fleet and exclude the effect of net unrealised foreign exchange gains and losses arising on the translation of the long-term receivables and related valuation adjustment.

Mobile’s headline earnings per share for the quarter were 7,3 cents (same period 2008: 10,4 cents, full year 2008: 31,1 cents).

The financial information on which this trading update is based has not been reviewed or reported on by Trencor’s or Mobile’s independent auditors.

DISTRIBUTION OF ANNUAL REPORTS, NO CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETINGS

Trencor and Mobile have published their annual financial statements in respect of the year ended 31 December 2008 and they are unchanged from the reviewed results released on SENS on 19 February 2009.

The annual general meetings will be held on Thursday, 11 June 2009, at 1313 Main Tower, Standard Bank Centre, Heerengracht, Cape Town, commencing at 15:00 to transact the business as stated in the annual general meeting notices forming part of the annual financial statements.

A PDF of the 2008 annual reports of Trencor and Mobile can be accessed here.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 62,3% interest:

“Hamilton, Bermuda, April 21, 2009 (Business Wire) -- Textainer Group Holdings Limited (NYSE: TGH) (“Textainer”), the world's largest lessor of intermodal containers based on fleet size, today reported that it will announce results for the first quarter ended March 31, 2009 at 9:00 am EDT on May 6, 2009.

Investors' Webcast

Textainer will hold a conference call and Webcast with an accompanying slide presentation at 11:00 am EDT on Wednesday May 6, 2009 to discuss Textainer's 2009 first quarter results. An archive of the Webcast will be available one hour after the live call through May 6, 2010. For callers in the U.S. the dial-in number for the conference call is 877-741-4244; for callers outside the U.S. the dial-in number for the conference call is 719-325-4773. To access the live Webcast or archive, please visit Textainer's website at http://www.textainer.com.”

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 62,3% interest:

“Hamilton, Bermuda (Business Wire) – April 16, 2009. Textainer Group Holdings Limited (NYSE: TGH) (“Textainer” or the “Company”), the world’s largest lessor of intermodal containers based on fleet size, today reported that it entered into an agreement with Amphibious Container Leasing Limited (“Amficon”) to purchase the rights to manage Amficon’s 150,000 twenty-foot equivalent unit (“TEU”) container fleet effective as of May 1, 2009. As a result of this purchase, Textainer will now operate a fleet of approximately 2.2 million TEU.

John Maccarone, President and CEO of Textainer, commented: “With this agreement, Textainer has once again capitalized on an attractive opportunity with a view toward strengthening the Company’s leading industry position and increasing its earnings power in a prudent manner. Importantly, we expect this acquisition of management rights to provide the Company with economies of scale by reducing our overhead cost per container below its already very low level. Additionally, Amficon’s significant number of flat rack and open top containers will more than double Textainer’s fleet of specialized containers, a market segment in which we have made a decision to grow as we are focused on strategically increasing the scope of our service in a profitable manner. Going forward, we plan to continue to utilize our management's expertise and our financial strength, which includes over $300 million of liquidity with its credit facilities and available cash, to take advantage of the current market conditions and seek opportunities in acquisitions, purchase-leasebacks and long-term lease transactions that we expect will be accretive to earnings. In accomplishing this critical objective, we remain dedicated to utilizing Textainer’s experience, size and scope to best serve its customers.”

Basil Henley, Managing Director of Amficon, commented, “We are very proud of Amficon’s achievements, having built up a world class leasing company with a strong presence in the specialized container market. However, we firmly believe that the container leasing business should continue to consolidate in order to achieve further financial and operational efficiencies and are excited to work with the industry leader. Given Textainer’s favorable reputation and experience, we felt that they were the best choice for this agreement. I would like to thank our customers and our suppliers for their enduring and close relationships with Amficon over the years; and I would like to give particular thanks to my colleagues within Amficon, whose unrivaled dedication and loyal support has made Amficon an outstanding company.”

Important Cautionary Information Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. securities laws. Forward-looking statements include statements that are not statements of historical facts, and include, without limitation, statements regarding the Company’s expectation that (i) its acquisition of management rights to Amficon’s container fleet will provide the Company economies of scale by reducing its overhead cost per container and (ii) the Company’s expectation that its management’s expertise and financial strength will allow it to take advantage of the current market conditions and seek opportunities in acquisitions, purchase-leasebacks and long-term lease transactions that it expects will be accretive to earnings. Readers are cautioned that these forward-looking statements involve risks and uncertainties, are only predictions and may differ materially from actual future events or results. These risks and uncertainties include, without limitation, the possibility that the economies of scale, cost savings, and any other synergies expected from the acquisition may not be fully realized or may take longer to realize than expected; the risk that the acquisition could present unforeseen integration obstacles or costs; the continued downturn and other adverse developments in the global economy; the Company’s continued ability to finance any future transactions, including the Company’s continued borrowing availability under its debt facilities; and other risks and uncertainties, including those set forth in the Company’s filings with the Securities and Exchange Commission. For a discussion of some of these risks and uncertainties, see Item 3, “Key Information - Risk Factors” and Item 5, “Operating and Financial Review and Prospects” in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2008 filed with the Securities and Exchange Commission on March 16, 2009.

The Company’s views, estimates, plans and outlook as described in this press release may change subsequent to the release of this press release. The Company is under no obligation to modify or update any or all of the statements it has made herein despite any subsequent changes the Company may make in its views, estimates, plans or outlook for the future.

About Textainer Group Holdings Limited

Textainer has operated since 1979 and is the world’s largest lessor of intermodal containers based on fleet size. We currently have a total of more than 1.3 million containers, representing over 2,000,000 TEU, in our owned and managed fleet. We lease containers to more than 400 shipping lines and other lessees. We principally lease dry freight containers, which are by far the most common of the three principal types of intermodal containers, although we also lease refrigerated and other specialized containers. We have also been one of the largest purchasers of new containers among container lessors over the last 10 years. We believe we are also one of the largest sellers of used containers, having sold more than 170,000 containers during the last two years. We provide our services worldwide via a network of 14 regional and area offices and over 330 independent depots in more than 130 locations.

Textainer Group Holdings Limited (NYSE: TGH), in which Trencor has a 62,3% interest, has filed its Form 20-F (annual report for the year ended 31 December 2008) with the US SEC. The report can be accessed on its website http://investor.textainer.com/sec.cfm and a PDF thereof can be accessed here.

TRENCOR LIFTS DIVIDEND BY 37,5% AFTER EXCELLENT PERFORMANCE BY TEXTAINER19 February 2009

Buoyed by an increase in net profit at Textainer, the world’s largest lessor of marine containers, Trencor Ltd today reported an 18% increase in adjusted headline earnings per share to 251,9 cents from 214 cents for the year to December 2008.

Trencor declared a final dividend of 75 cents per share, bringing the total payout to shareholders for the year to 110 cents per share, a 37,5% increase.

Trencor chairman Neil Jowell said Textainer, in which Trencor has a 62,6% interest, reported net profit for the year, excluding net unrealised losses on interest rate swaps, of US$99,8 million, a 38% increase over US$72,2 million earned in 2007.

He said Trencor’s adjusted headline earnings excluded net unrealised foreign exchange gains and losses and included net gains and losses arising from the ongoing disposals from Textainer’s container leasing fleet.

Trencor’s trading profit from continuing operations after net interest expense increased by 27% from R733 million in 2007 to R932 million. After accounting for the unrealised losses on the interest rate swaps in Textainer, the increase was 20% from R675 million in 2007 to R810 million.

Textainer intends to hold its interest rate swaps until maturity, he said. Over the life of an interest rate swap held to maturity, the unrealised gains or losses netted to zero and had no effect on cash flow.

Jowell said that while overall demand for containers started to decline in the fourth quarter of 2008, utilisation of the fleet under Textainer management averaged 95,7% during the quarter. Average utilisation of the fleet for 2008 was 94,8%, ahead of the 93,9% achieved in 2007.

Textainer’s container resale division had the best year in its history, with pre-tax profit of US$14,3 million exceeding the record 2007 results by US$4 million.

Mobile Industries Ltd which owns 46% of Trencor, reported basic earnings per share of 28,6 cents for the year (2007: 28,4 cents). Mobile declared a final dividend of 6,05 cents per share, bringing the total payout for the year to 8,85 cents per share.

Shareholders in Trencor and Mobile are advised that Trencor expects to report headline earnings of between 375 and 390 cents per share for the year ended 31 December 2008 (2007: 212,9 cents per share). Adjusted headline earnings (which includes net gains and losses arising from the sale of containers from Textainer’s leasing fleet and excludes the effect of unrealised foreign exchange translation gains and losses) are expected to be between 245 and 260 cents per share (2007: 214,0 cents per share). These changes are mainly the result of the following:

Unaudited net profit of Textainer (in which Trencor has a 62,6% interest) attributable to the group increased from R325 million in 2007 to R453 million in 2008. This result was achieved after providing for the effect of unrealised losses on derivative financial instruments (interest rate swaps) of R57 million (2007: loss R21 million). Unrealised gains and losses on these derivative instruments net out to zero over a period of time, if held to maturity, and have no effect on cash flow.

The spot US$/R exchange rate weakened from US$1 = R6,78 at 31 December 2007 to US$1 = R9,27 at 31 December 2008. This resulted in net realised and unrealised exchange gains of approximately R439 million for the year on the translation of the long-term receivables and related valuation adjustment from US dollars into rand (2007: loss R29 million). The effect of these gains on earnings per share in 2008 is 169 cents (2007: loss 11 cents).

Basic earnings are expected to be between 350 and 360 cents per share (2007: 352,5 cents per share).

Based on Trencor’s estimated headline earnings above, Mobile is expected to report headline earnings of between 30 and 32 cents per share (2007: 17,2 cents per share). Earnings are expected to be between 28 and 30 cents per share (2007: 28,4 cents per share).

This forecast financial information has not been reviewed or reported on by Trencor’s or Mobile’s independent auditors. The Reviewed Results in respect of the year ended 31 December 2008 are expected to be published in the second half of February 2009.

Textainer Group Holdings Limited (NYSE: TGH), in which Trencor has a 62,6% interest, has reported its results for the fourth quarter and the year ended 31 December 2008. The results can be accessed on its website at www.textainer.com.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 62,6% interest:

“Hamilton, Bermuda, February 5, 2009 — Textainer Group Holdings Limited (NYSE:TGH) (“Textainer”), the world’s largest lessor of intermodal containers based on fleet size, today announced that the Company’s President and CEO, John A. Maccarone, is scheduled to present at the BB&T Capital Markets 24th Annual Transportation Services Conference in Coral Gables, FL on Thursday, February 12, 2009 at 11:45 a.m. ET.

The presentation will be broadcast live over the Internet and can be accessed at http://www.wsw.com/webcast/bbt13/tgh/. In addition, the accompanying slide presentation and webcast will be available in the Investor Relations section of Textainer’s website at http://www.textainer.com/.”

TEXTAINER ANNOUNCES DATES FOR RELEASE OF FOURTH QUARTER 2008 AND FULL YEAR RESULTS AND QUARTERLY CONFERENCE CALL

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 62,6% interest:

“Hamilton, Bermuda, February 03, 2009 (Business Wire) -- Textainer Group Holdings Limited (NYSE: TGH) ("Textainer"), the world's largest lessor of intermodal containers based on fleet size, today reported that it will announce results for the fourth quarter and the year ended December 31, 2008 on February 10, 2009.

Investors' Webcast

Textainer will hold a conference call and a Webcast at 11:00 a.m. EST on Wednesday February 11, 2009 to discuss Textainer's 2008 fourth quarter and full year results. An archive of the Webcast will be available one hour after the live call through February 11, 2010. For callers in the U.S. the dial-in number for the conference call is 877-718-5107; for callers outside the U.S. the dial-in number for the conference call is 719-325-4796. To access the live Webcast or archive, please visit Textainer's website at http://www.textainer.com.”

Holders of securities in Trencor and Mobile are advised that Textainer Group Holdings Ltd (NYSE: TGH), in which Trencor has a 62,6% interest, is required to issue quarterly profit reports. Accordingly, Trencor and Mobile have decided to publish a trading update in respect of the quarters ending March and September each year, of which this is the first, in addition to their Interim Results and the Reviewed Results announcements for the periods ending June and December respectively.

Textainer has announced US GAAP earnings of US$72,3 million for the nine months ended 30 September 2008 compared with US$52,6 million for the same period in 2007. Textainer’s results may be viewed on its website www.textainer.com.

Adjusted to conform with IFRS, Textainer’s earnings for the nine months ended 30 September 2008 were US$72,9 million (same period 2007: US$50,0 million).

Trencor’s consolidated trading results and earnings for the nine month period to 30 September 2008 are as follows:

Adjusted headline earnings attributable to equity holders of the company

Rm

357,9

257,6

400,7

Headline earnings per share

Cents

266,4

117,0

212,9

Adjusted headline earnings per share

Cents

191,1

137,7

214,0

SA rand to US dollar:

- Period-end rate of exchange

R8,29

R6,85

R6,78

- Average rate of exchange for period

R7,62

R7,13

R7,02

Adjusted headline earnings includes the effect of net gains and losses arising from the ongoing disposals from Textainer’s container leasing fleet and excludes the effect of net unrealised foreign exchange gains and losses arising on the translation of the long-term receivables and related valuation adjustment. In respect of the comparative information, it also excludes certain non-recurring profits in TrenStar Inc.

Mobile’s headline earnings per share for the nine months were 21,6 cents (same period 2007: 9,4 cents; full year 2007: 17,2 cents).

The financial information on which this trading update is based has not been reviewed or reported on by Trencor’s or Mobile’s independent auditors.

TRENCOR EARNINGS HIGHER ON BACK OF BIGGER TEXTAINER PROFIT, WEAKER RAND13 August 2008

Trencor Ltd today reported a 84% increase in diluted headline earnings of 183,4 cents per share for the six months to 30 June, compared to 99,7 cents for the same period in 2007.

This followed an increased contribution from Textainer, the world’s largest lessor of marine containers, in which Trencor has a 62,6% interest (2007: 72,3%). On 5 August Textainer reported earnings of US$48 million for the six months compared with US$32 million for the same period in 2007.

Trencor declared an interim dividend of 35 cents per share, 59% higher than the 22 cents per share declared at the half way mark in 2007.

The group’s trading profit from continuing operations, earned mainly in US dollars, after net finance costs increased by 24% from US$47 million to US$58,5 million during the period. This translated to a 32% increase from R336 million to R443 million.

Net exchange gains arising on translation into rand of the net dollar receivables and the related valuation adjustments amounted to R194 million, compared with R20 million in 2007. The effect of this non-cash adjustment was to increase earnings per share by 75 cents. The effect of this in 2007 was an increase of 8 cents per share.

Trencor’s diluted adjusted headline earnings for the six months were 129,3 cents per share, compared with 104,7 cents in 2007. These included net gains and losses arising from the sale of containers from Textainer's leasing fleet and excluded the effect of foreign exchange translation gains and losses.

The group reported that Textainer’s average utilisation of the container fleet under its management for the six months to 30 June was 93,4%, compared to the 93,6% at the same stage of 2007. Spot utilisation at 30 June was 95,5% (2007: 94,1%).

There was also an increase in the containers under management on long term lease – 67,9% of the 2 million TEU ( twenty foot equivalent unit) under management compared to 62,7% of the 1,5 million TEU in 2007.

Trencor said Textainer had increased its total funding facility to US$475 million from US$300 million.

Mobile Industries Ltd which owns 46% of Trencor, reported basic earnings per share of 14,6 cents for the half year (2007: 8,9 cents). Mobile declared an interim dividend of 2,8 cents per share.

Holders of securities in Trencor and Mobile are advised that Trencor expects to report undiluted headline earnings of between 180 and 185 cents per share for the six months ended 30 June 2008 compared to 99,9 cents for the same period in 2007. The principal reasons for this improvement are (a) an increased contribution from Textainer, in which the group has a 62,6% interest (2007: 72,3%); Textainer has announced earnings of US$48 million for the six months compared with US$32 million for the same period in 2007; and (b) unrealised gains, before tax, arising on the translation of the net long-term receivables which increased to R194 million for the period from R20 million in the corresponding period in 2007. Note that the spot exchange rate declined by 107 cents from US$1 = R6,78 at 31 December 2007 to R7,85 at 30 June 2008. In the corresponding period last year, the spot exchange rate declined by 9 cents. Adjusted undiluted headline earnings (which excludes net unrealised gains on translation of net long-term receivables but includes net gains and losses arising from the sale of containers from Textainer’s leasing fleet) for the current period are expected to increase from 105,0 cents per share in 2007 to between 125 and 130 cents per share. Undiluted basic earnings for the entity as a whole are expected to be between 175 and 185 cents per share for the six months ended 30 June 2008 (2007: 110,9 cents per share).

Based on Trencor’s estimated headline earnings above, Mobile is expected to report undiluted headline earnings per share of between 14 and 15 cents per share for the half year (2007: 8,1 cents). Undiluted basic earnings for the entity as a whole are expected to be between 14 and 15 cents per share for the six months ended 30 June 2008 (2007: 8,9 cents per share).

The financial information on which this trading statement is based has not been reviewed or reported on by Trencor’s or Mobile’s independent auditors. The unaudited interim results in respect of the six months ended 30 June 2008 are expected to be published during the week commencing 11 August 2008.

Textainer Group Holdings Limited (NYSE: TGH), in which Trencor has a 62,6% beneficial interest, has reported its results for the second quarter ended 30 June 2008. The results can be accessed on its website at www.textainer.com and a PDF of its results can be accessed here.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 62,6% interest:

“Hamilton, Bermuda, July 29, 2008 (Business Wire) – Textainer Group Holdings Limited (NYSE: TGH) (“Textainer” or the “Company”), the world’s largest lessor of intermodal containers based on fleet size, today reported that it will announce results for the second quarter ended June 30, 2008 on August 5, 2008.

Investors’ Webcast

Textainer will hold a conference call and a Webcast at 2:00 p.m. EDT on Wednesday, August 6, 2008 to discuss Textainer’s second quarter 2008 results. An archive of the Webcast will be available one hour after the live call through August 6, 2009. The dial-in number for the conference call is 1-877-440-5803; outside the U.S. call 1-719-325-4927. To access the live Webcast or archive, please visit the Company’s website at http://www.textainer.com.

About Textainer Group Holdings Limited

Textainer has operated since 1979 and is the world’s largest lessor of intermodal containers based on fleet size. We have a total of more than 1.3 million containers, representing over 2,000,000 TEU, in our owned and managed fleet. We lease containers to more than 400 shipping lines and other lessees. We principally lease dry freight containers, which are by far the most common of the three principal types of intermodal containers, although we also lease specialized and refrigerated containers. We have also been one of the largest purchasers of new containers among container lessors over the last 10 years. We believe we are also one of the largest sellers of used containers, having sold on average more than 53,000 containers per year for the last five years. We provide our services worldwide via a network of 14 regional and area offices and over 350 independent depots in more than 130 locations.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 62,6% beneficial interest:

”HAMILTON, Bermuda (BUSINESS WIRE) – July 2, 2008. Textainer Group Holdings Limited (NYSE: TGH) ("Textainer"), the world’s largest lessor of intermodal containers based on fleet size, today announced that Textainer Marine Containers Limited ("TMCL"), Textainer’s primary asset owning subsidiary, extended and increased the size of its securitization facility. The total commitment under the securitization facility was increased from $300 million to $475 million. The interest rate is 1.25% over LIBOR during an initial two-year revolving period. If the securitization facility is not refinanced or renewed during this two-year period, the interest rate will increase and the facility will stop revolving and begin amortizing over a term that is scheduled to be 10 years but not to exceed 15 years.

"We are extremely pleased to have been able to extend and increase the size of TMCL’s securitization facility," said John Maccarone, Textainer’s President and Chief Executive Officer. "Given the current challenging conditions in the credit markets in general, and the asset-backed market in particular, we believe that the success of this transaction demonstrates the participating banks’ strong confidence in and commitment to Textainer."

"The successful completion of both this transaction and the $205 million, five-year revolving credit agreement for Textainer Limited, which closed in April, strengthens our liquidity position. Together, we believe these facilities will help to ensure that we have access to the financing necessary to position Textainer for future growth."

Mr. Maccarone added, "We would like to thank Wachovia Capital Markets, LLC for structuring the facility. We would also like to thank Fortis Capital Corp, BTMU Capital Corporation, HSH Nordbank AG, New York Branch, and ING Bank N.V. for their participation and continued support."

At the annual general meetings of Trencor and Mobile held today, the requisite majority of shareholders approved all the ordinary and special resolutions as set out in the notices and proposed at the meetings. The special resolutions will now be lodged with the Registrar of Companies for registration.

At the annual general meeting of Trencor, Mr NI Jowell (Chairman) made the following statement:

“In the 2007 Annual Report, I noted that following the implementation over the last few years of various initiatives to bring greater focus to our business, which included the listing of Textainer on the New York Stock Exchange, possible changes to the listed structure in South Africa would be addressed. I would like to report on and confirm the following aspects that are relevant to this matter.

Further growth and value enhancement for Trencor’s shareholders will now be pursued through Textainer, by way of both organic growth and acquisitions. Being the dominant global player in its core business of container leasing, and with access to international capital markets following its NYSE listing, Textainer is well placed for growth in its chosen industry, which we believe is entering a consolidation phase during which further acquisition opportunities should become available.

Retaining Trencor’s listing in South Africa is currently merited, as it offers a useful mechanism for South African shareholders to effectively invest in Textainer without having to resort to their offshore investment allowances.

Against this background, we have discussed with certain of Mobile Industries’ larger shareholders, the possible collapsing of the Trencor/Mobile structure so as to have only one listing in South Africa. Following these discussions the board believes there is insufficient support for a proposal to collapse the structure.

The board also believes Textainer will be better able to pursue its focus on mergers and acquisitions with the stable platform provided by the current shareholding structure.”

On 2 April 2008 we announced that all of Trencor’s interests in TrenStar SA (Pty) Ltd had been sold to a consortium comprising the management of that company and Investec Bank Limited, effective 31 December 2007 (“the transaction”).

As the sale was regarded as a “small related party transaction” under the JSE Listings Requirements, Mazars Moores Rowland Corporate Finance (Pty) Limited, as the JSE approved independent expert, has furnished written confirmation that in its opinion the transaction is fair to the shareholders of Trencor. The fairness opinion is available for inspection at Trencor’s registered office for 28 days from the date of this announcement.

Textainer Group Holdings Limited (NYSE: TGH), in which Trencor has a 62,6% beneficial interest, has reported its results for the first quarter ended 31 March 2008. The results can be accessed on its website at www.textainer.com and a PDF of its results can be accessed here.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 62,6% beneficial interest:

“Hamilton, Bermuda, May 1, 2008 (Business Wire) – Textainer Group Holdings Limited (NYSE: TGH) (“Textainer” or the “Company”), the world’s largest lessor of intermodal containers based on fleet size, received the prestigious National Defense Transportation Association (NDTA) Quality Award on April 30, 2008 at the Military Surface Deployment and Distribution Command (SDDC) Symposium in Orlando, Florida.

The award was presented to John A. Maccarone, President and CEO of Textainer by General Kenneth Wykle (Ret), NTDA President, and Major General Kathleen M. Gainey, SDDC Commanding General. The award citation follows:

“Textainer contributed significantly to supporting war fighter requirements and the SDDC’s performance through their execution of the Single Leasing Container contract.

During 2007, Textainer provided more than 39,000 leased containers on over 250 delivery orders totaling $20 million for the DoD in direct support of Operations Iraqi and Enduring Freedom. Their multifaceted support proved to be the key to the successful deployment / redeployment and sustainment of U.S. and Coalition Forces in the entire Central Command Area of Operation. Textainer’s better than 95% on-time delivery performance exceeded expectations and was the corner stone in the successful unit deployment and redeployment of military cargo and the movement of sustainment containers supporting movement to the Forward Operating Bases. Their effort in support of Central Command operations has resulted in cost avoidance to the government in excess of $24 million.

Textainer’s equipment management team through close coordination with Pacific Command customers enabled them to attain a 100% on-time delivery rate for Exercise TURBO CADS 07. Textainer always expresses a “can do” attitude when it comes to their operations.”

“We are just completing the fifth year of our expected ten year contract as the exclusive supplier of leased containers to the U.S. Military,” said Mr. Maccarone.

“Having completed delivery orders for more than 100,000 containers and chassis to date, 2007 was by far the busiest year of the contract. Our team worked very hard to achieve the accomplishments mentioned in the award citation, and I am very pleased that they have been recognized for their efforts.”

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 62,6% interest:

“Hamilton, Bermuda, April 30, 2008 (Business Wire) – Textainer Group Holdings Limited (NYSE: TGH) (“Textainer” or the “Company”), the world’s largest lessor of intermodal containers based on fleet size, today reported that it will announce results for the first quarter ended March 31, 2008 on May 5, 2008.

Investors’ Webcast

Textainer will hold a conference call and a Webcast at 2:00 p.m. EDT on Wednesday, May 7, 2008 to discuss Textainer’s first quarter 2008 results. An archive of the Webcast will be available one hour after the live call through May 7, 2009. The dial-in number for the conference call is 1-877-397-0235; outside the U.S. call 1-719-325-4866. To access the live Webcast or archive, please visit the Company’s website at http://www.textainer.com.

About Textainer Group Holdings Limited

Textainer has operated since 1979 and is the world’s largest lessor of intermodal containers based on fleet size. We have a total of more than 1.3 million containers, representing over 2,000,000 twenty-foot equivalent units, in our owned and managed fleet. We lease containers to more than 400 shipping lines and other lessees. We principally lease dry freight containers, which are by far the most common of the three principal types of intermodal containers, although we also lease specialized and refrigerated containers. We have also been one of the largest purchasers of new containers among container lessors over the last 10 years. We believe we are also one of the largest sellers of used containers, having sold more than 85,000 containers in 2007. We provide our services worldwide via a network of 14 regional and area offices and over 350 independent depots in more than 130 locations.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 62,6% beneficial interest:

“Hamilton, Bermuda, April 22, 2008 -- Textainer Group Holdings Limited (NYSE:TGH) ("Textainer" or the "Company"), the world's largest lessor of intermodal containers based on fleet size, today announced that Textainer Limited, which is a wholly-owned subsidiary of the Company, entered into a $205 million, five-year revolving credit agreement with a group of financial institutions led by Bank of America, N.A. and including Fortis Capital Corp., Wells Fargo Bank, National Association, Credit Industriel et Commercial, Bayerische Hypo- und Vereinsbank AG, KeyBank National Association and Union Bank of California, N.A. The interest rate under the credit agreement is a spread over LIBOR which varies based on the leverage of Textainer Limited. At the closing, the initial interest rate will be LIBOR + 1.00%. The proceeds from borrowings under the credit agreement are expected to be used to purchase containers and for general corporate purposes.

"We are extremely pleased to have been able to increase both the size and the term of Textainer Limited's revolver," said John Maccarone, the Company's President and Chief Executive Officer. "Given the challenging conditions in the credit markets today, we consider this new credit agreement with both our existing and several new banks to be a clear indication of their confidence in our business model and operating philosophy."

Mr Maccarone added, "We would like to thank Bank of America and the other syndicate banks for their support."

Important Cautionary Information Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. securities laws. Forward-looking statements include statements that are not statements of historical facts, and include, but are not limited to, statements concerning the initial interest rate that is to apply at the closing and the expected use of proceeds from the borrowings under the credit agreement. Readers are cautioned that these forward-looking statements involve risks and uncertainties, are only predictions and may differ materially from actual future events or results.

The Company's views, estimates, plans and outlook as described within this document may change subsequent to the release of this press release. The Company is under no obligation to modify or update any or all of the statements it has made in this press release despite any subsequent changes that the Company may make in its views, estimates, plans or outlook for the future.

DISTRIBUTION OF ANNUAL REPORTS, NO CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETINGS

The annual financial statements in respect of the year ended 31 December 2007 for Trencor and Mobile will be distributed on 14 April 2008 and there are no material changes from the reviewed results published on 22 February 2008.

The annual general meetings will be held on Monday, 19 May 2008, at 1313 Main Tower, Standard Bank Centre, Heerengracht, Cape Town, commencing at 15:00 to transact the business as stated in the annual general meeting notices forming part of the annual financial statements.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 62,6% beneficial interest:

“Hamilton, Bermuda – April 2, 2008. Textainer Group Holdings Limited (NYSE: TGH) (“Textainer” or the “Company”), the world’s largest lessor of intermodal containers based on fleet size, today reported that 770 units out of the 800 reefer containers, initially purchased in January 2008, have been committed to leases with various shipping lines.

Textainer is pleased to announce that its first reefer container transaction has been completed with Mitsui O.S.K. Lines (MOL). MOL is the world’s 11th largest container vessel operator and has committed to lease 300 40’ High Cube reefers.

As a result of this early success, Textainer has ordered an additional 1 000 40’ High Cube reefers for delivery in May and June of 2008. The reefer machinery will be supplied by Carrier, Daiken and Thermo King.

“We have now placed 95% of our original order, and are very pleased at our customers’ support of our re-entry into the reefer market”, commented John A. Maccarone, President and CEO of Textainer.

He continued, “Textainer expected a fairly modest capital expenditure (CAPEX) of $30 million for reefers in 2008. Based on our initial success with the first units produced, and the recent new order, we may exceed that goal for the year.”

Important Cautionary Information Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. securities laws. Forward-looking statements include statements that are not statements of historical facts, and include statements concerning the Company’s desire and ability to increase the size of its owned container fleet. Readers are cautioned that these forward-looking statements involve risks and uncertainties, are only predictions and may differ materially from actual future events or results.

The Company’s views, estimates, plans and outlook as described within this document may change subsequent to the release of this statement. The Company is under no obligation to modify or update any or all of the statements it has made herein despite any subsequent changes the Company may make in its views, estimates, plans or outlook for the future.

In the 22 February 2008 announcement of Trencor’s results for the year ended 31 December 2007, we reported that, in the context of attaining greater focus on Trencor’s core marine container businesses, TrenStar Inc (58% owned by Trencor) and TrenStar SA (Pty) Ltd (100% owned by Trencor) had been categorised as “held for sale”. On 4 March 2007 we announced the sale of the three operating subsidiaries of TrenStar Inc active in North America.

We are now pleased to announce that all of Trencor’s interests in TrenStar South Africa (i.e. TrenStar SA (Pty) Ltd) have been sold to a consortium comprising the management of that company and Investec Bank Limited (“the sale”). The effective date of the sale is 31 December 2007. Trencor will receive R80 million, which includes repayment of Trencor’s current shareholder loan account of R72 million.

As the sale constitutes a “small related party transaction” in terms of the JSE Listings Requirements, implementation thereof is subject to compliance with the JSE Listings Requirements, which includes the JSE being furnished with written confirmation from an independent professional expert, that the terms of the sale are fair as far as the shareholders of Trencor are concerned.

In Trencor’s said announcement of results to 31 December 2007, we advised that in view of the “held for sale” status of the assets and liabilities of the TrenStar companies, they had in the said results been treated for accounting purposes as “discontinued operations”. Thus the effects of the above transaction do not impact the results of Trencor’s continuing operations and headline earnings as published on 22 February 2008.

Textainer Group Holdings Limited (NYSE: TGH), in which Trencor has a 62,6% interest, has filed its Form 20-F (annual report for the year ended 31 December 2007) with the US SEC. The report can be accessed on its website http://investor.textainer.com/sec.cfm and a PDF thereof can be accessed here.

In the 22 February 2008 announcement of Trencor’s year-end results for 2007, we reported that, in the context of attaining greater focus on Trencor’s core marine container businesses, the assets and liabilities of TrenStar, Inc (58% held by Trencor) had been categorised as “held for sale”.

We are pleased to announce that in line with this strategy, TrenStar, Inc has sold its three operating subsidiaries active in North America in the leasing and management of kegs and other types of metal cages and bins used in the beer, synthetic rubber and food industries to a subsidiary of Macquarie Group Limited. The provisional consideration payable for these businesses is US$72 million, US$5 million of which will be placed in escrow for certain periods pending the outcome of warranties given in the sale. An additional payment of up to US$5 million may also be made to TrenStar, Inc subject to the sold entities achieving certain revenue and EBITDA (earnings before interest, tax, depreciation and amortisation) targets during 2008 and 2009. TrenStar, Inc. was represented by Morgan Keegan and Latham & Watkins LLP in the sale.

The purchase consideration enabled repayment of all bank debt in the sold subsidiaries as well as at TrenStar, Inc (head office) level, leaving the TrenStar, Inc group free of bank debt and with net cash of approximately US$15 million after providing for all costs associated with the sale (assuming the amounts in escrow and those subject to achieving the revenue and EBITDA targets are received). In addition to this cash, and with the company having successfully exited its UK/European beer keg operations earlier during 2007, the remaining assets of TrenStar, Inc comprise its 33% interest in Jettainer GmbH (the joint venture company with Lufthansa Cargo AG engaged in providing and managing air cargo containers, and based in Frankfurt, Germany) and its Track & Trace business. Plans for these businesses remain under strategic review.

In Trencor’s said announcement of results to 31 December 2007, we advised that in view of the “held for sale” status of the assets and liabilities of the TrenStar companies, they had in the said results been treated for accounting purposes as “discontinued operations”. Thus the effects of the above transaction do not impact the results of Trencor’s continuing operations and headline earnings as published on 22 February 2008. However, the settlement of all bank debt in TrenStar, Inc reported above reduces the Trencor group consolidated gearing ratio of 92% (2006: 174%) as published to 85%.

A 23% increase in net profit by Textainer Group Holdings Ltd, the New York Stock Exchange listed container leasing company in which Trencor Ltd has a 62,6% interest, helped Trencor to boost adjusted headline earnings per share by 22,1% from 175,2 cents to 214,0 cents in the year to December.

Trencor declared a final dividend per share of 58 cents, making a total of 80 cents for 2007, an increase of 40% on the 57 cents per share distributed in respect of 2006. Trencor shares in issue increased in 2007 to 187,3 million after conversion of debentures into ordinary shares on a one-for-one basis.

Trencor’s chairman, Neil Jowell, said Textainer, the world’s largest lessor of marine containers, reported an increase in net profit to US$66,6 million from US$54,2 million after charging unrealised losses on interest rate swaps of US$8,3 million in 2007 (2006: US$600 000).

Textainer achieved average utilisation of the fleet under management for the year, calculated on a basis consistent with the past, of 91,5% (2006: 91,1%). With effect from 1 January 2007, the basis of calculation was changed to conform to that used by most competitors; on this basis average utilisation for the year was 93,9%.

Textainer recently re-entered the refrigerated container segment and plans capital expenditure of US$30 million in 2008 on this new product range. It also acquired the management of the 500 000 TEU fleet of Capital Lease from 1 September and invested US$71,4 million in increasing the holding in its asset-owning subsidiary, TMCL.

Jowell said 64,6% of the on-hire total fleet under Textainer management and 69,2% of its on-hire owned container fleet were on long-term lease.

He said the increase in Trencor’s trading profit after net financing costs from continuing operations was 17% - from US$82 million to US$96 million. In rand terms this translated to a 23% increase to R675 million from R549 million in 2006. Trencor’s revenue for the year from owning, leasing, financing and managing containers was R1,69 billion (R1,46 billion).

The adjusted headline earnings per share for the year included net gains and losses arising from the ongoing disposals of containers from Textainer’s leasing fleet. Jowell said these 2007 earnings per share of 214 cents could be compared to adjusted diluted headline earnings per share in 2006 of 175,2 cents.

He said headline earnings per share of 212,9 cents included net unrealised foreign exchange gains and losses and two enhancements required in terms of International Financial Reporting Standards (IFRS) to the earnings of TrenStar Inc, the 58%-owned mobile asset ownership and management business.

These were a 21,6 cents per share enhancement because of a requirement that TrenStar cease charging depreciation of about US$10 million on its UK beer keg fleet from 30 March 2007 (the date the company decided to exit this business), although it continued to earn revenue on these assets until the contracts were finally terminated later in 2007. There was a further enhancement of 22,7 cents per share because of a requirement that TrenStar create a deferred tax asset of US$10,5 million. This may be realised in 2008 following a strategic review which has resulted in the TrenStar companies being categorised as held for sale. Jowell said the review was conducted in the context of greater focus on Trencor’s core container businesses, mainly Textainer.

Textainer Group Holdings Limited (NYSE: TGH), in which Trencor has a 62,6% interest, has reported its results for the fourth quarter and the year ended 31 December 2007. The results can be accessed on its website www.textainer.com and a PDF of its results can be accessed here.

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 62,6% interest:

“Textainer Group Holdings Limited Announces Dates for Release of Fourth Quarter 2007 and Full Year Results and Quarterly Conference Call

Hamilton, Bermuda, February 14, 2008: Textainer Group Holdings Limited (NYSE:TGH) ("Textainer" or the "Company"), the world's largest lessor of intermodal containers based on fleet size, today reported that it will announce results for the fourth quarter and the year ended December 31, 2007 on February 21, 2008.

Investors' Webcast

Textainer will hold a conference call and a Webcast at 2:00 p.m. EST on Friday, February 22, 2008 to discuss Textainer's fiscal fourth quarter and full year results. An archive of the Webcast will be available one hour after the live call through February 22, 2009. The dial-in number for the conference call is 1-877-675-4757; outside the U.S. call 1-719-325-4930. To access the live Webcast or archive, please visit the Company's website at http://www.textainer.com.”

We draw attention to the following news release issued by Textainer Group Holdings Limited, in which Trencor has a 62,6% beneficiary interest:

“Hamilton, Bermuda, Textainer Group Holdings Limited (NYSE: TGH) (“Textainer” or the “Company”), the world's largest lessor of intermodal containers based on fleet size, has reported that it has re-entered the refrigerated container market segment. Textainer has ordered 800 40-foot High Cube reefers with Carrier and Daikin machinery for delivery in January 2008.

“We have analyzed the reefer market frequently since exiting this segment in the 1990's, but until now, decided not to buy new refrigerated containers,” said John A. Maccarone, President and CEO of Textainer.

“Due to attractive prices for new reefer containers, and the anticipation that our customers may choose to lease a larger percentage of their total reefer requirements, we feel this is the right time to re-enter the market. We feel that we can place at least $30 million worth of reefers into attractive long-term leases in 2008, which would increase our capital expenditure by about 10% above our original budget. We already have sales/marketing and operations/technical expertise in-house and reefers are leased by our existing customer base which is supported by our current sales team. Therefore, the incremental overhead costs to Textainer are almost zero.” he added.

IMPORTANT CAUTIONARY INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of U.S. securities laws. Forward-looking statements include statements that are not statements of historical facts, and include statements concerning the Company's desire and ability to increase the size of its owned container fleet. Readers are cautioned that these forward-looking statements involve risks and uncertainties, are only predictions and may differ materially from actual future events or results.

The Company's views, estimates, plans and outlook as described within this document may change subsequent to the release of this statement. The Company is under no obligation to modify or update any or all of the statements it has made herein despite any subsequent changes the Company may make in its views, estimates, plans or outlook for the future.

Textainer Group Holdings Limited (NYSE:TGH) (“Textainer”), in which Trencor has a 62,6% beneficiary interest, reported on 29 November 2007 that it purchased additional shares in Textainer Marine Containers Limited (“TMCL”) effective 1 November 2007. Textainer previously announced its intention to complete this transaction upon consummation of its initial public offering in October 2007 and had assumed that the transaction would be completed this year in connection with planning and forecasting operating results for 2008.

TMCL, a joint venture with FB Transportation Capital LLC (“FBTC”), is engaged in the business of owning and leasing marine containers. Textainer purchased an additional 25% interest in TMCL from FBTC for a price of US$71,4 million. As a result, it now owns 75% of TMCL and FBTC 25%. Prior to this purchase, each party owned 50%.

This transaction will reduce the amount of minority interest expense that Textainer reports each period by 50%. For the nine months ended 30 September 2007 (unaudited), Textainer reported minority interest expense of US$14,0 million. If Textainer had purchased the additional shares in TMCL on 1 January 2007 the minority interest expense for the nine months ended 30 September 2007 would have been US$7,0 million, resulting in an increase in net income before income taxes of a similar amount.

Trencor’s 62,6% subsidiary, Textainer Group Holdings Limited (NYSE: TGH), has reported its results for the third quarter and the nine months ended 30 September 2007. The results can be accessed on its website www.textainer.com.

On 10 October 2007 we announced that the initial public offering (“IPO”) by Textainer Group Holdings Limited (“Textainer”), pursuant to which Trencor had a 62,6% beneficiary interest in Textainer, had been finalised, that the shares commenced trading on the New York Stock Exchange under the symbol “TGH” and that the IPO underwriters had a 30-day option to purchase additional shares.

We now advise that this option was not exercised and, accordingly, Trencor’s beneficiary interest in Textainer remains unchanged at 62,6%.

On 27 September 2007 we announced on SENS that Textainer Group Holdings Limited (“Textainer”), in which Trencor has a 71,7% beneficiary interest, had filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering (“IPO”) and listing of its common shares on a US stock exchange. We now draw attention to the news release by Textainer included in paragraph 2 below, announcing the number and pricing of its shares offered in the IPO and the listing of its common shares on the New York Stock Exchange.

Textainer news release

Hamilton, Bermuda, October 9, 2007 – Textainer Group Holdings Limited (NYSE: TGH) announced today that its initial public offering of 9,000,000 common shares has been priced at $16.50 per common share. The underwriters have a 30-day option to purchase up to 1,350,000 additional common shares to cover any over-allotments. All of the common shares are being sold by Textainer Group Holdings Limited. The common shares will begin trading on the New York Stock Exchange on Wednesday, October 10, 2007 under the symbol “TGH”.

A registration statement relating to these securities was filed with and declared effective by the United States Securities and Exchange Commission. The offering is being made solely by means of a prospectus. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sales of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state or other jurisdiction.

Textainer has operated since 1979 and is the world’s largest lessor of intermodal containers based on fleet size. We have a total of more than 1.3 million containers, representing over 2,000,000 TEU, in our owned and managed fleet. We lease containers to more than 300 shipping lines and other lessees. We principally lease dry freight containers, which are by far the most common of the three principal types of intermodal containers. We have also been one of the largest purchasers of new containers among container lessors over the last 12 years. We believe we are also one of the two largest sellers of used containers among container lessors for the last five years. We provide our services worldwide via a network of 14 regional and area offices and over 300 independent depots in more than 130 locations.

Resultant Trencor interest in Textainer

As part of the IPO, Halco Holdings Inc. (“Halco”), through which Trencor has its beneficiary interest in Textainer, will acquire 2 100 000 shares at $16.50 per share, i.e. a total new investment by Halco of $34.65 million, which will be funded from Halco’s existing cash resources. Following the IPO of 9 000 000 common shares (which includes Halco’s subscription for the 2 100 000 shares), Halco’s shareholding in Textainer will be 62.6%. If, in addition, the underwriters exercise in full their over-allotment option on a further 1 350 000 shares, Halco’s shareholding in Textainer will be 60.8%.

Mobile/Trencor group structure

We draw attention to earlier communications in which we indicated that following the implementation of value enhancement initiatives below the listed Trencor level, the merits of further changes to the Mobile/Trencor listed group structure would be considered from time to time as appropriate. In this regard, following the listing of Textainer we plan to give further consideration to such possible changes.

We previously reported that the listing of the shares of Textainer Group Holdings Limited, Trencor’s 71,7% subsidiary, on an international stock exchange was under consideration. We now draw attention to the following news release issued by Textainer:

“TEXTAINER GROUP HOLDINGS LIMITED ANNOUNCES THE FILING OF REGISTRATION STATEMENT FOR INITIAL PUBLIC OFFERING OF COMMON SHARES

Hamilton, Bermuda, September 26, 2007 – Textainer Group Holdings Limited announced today that it has filed a registration statement, which is not yet effective, with the U.S. Securities and Exchange Commission for a proposed initial public offering of its common shares. The proposed offering will also include common shares subject to issuance pursuant to an over-allotment option to be granted to the underwriters.

The offering will be made only by means of a prospectus. A copy of the preliminary prospectus for the proposed offering may be obtained, when available, by writing or telephoning the prospectus department at Credit Suisse Securities (USA) LLC, Prospectus Department, One Madison Avenue, New York, NY 10010, (800) 221-1037 or Wachovia Securities, 375 Park Avenue, New York, NY 10152, (800) 326-5897.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to their registration or qualification under the securities laws of any such state or jurisdiction.

Textainer has operated since 1979 and is the world’s largest lessor of intermodal containers based on fleet size. We lease containers to more than 300 shipping lines and other lessees. We principally lease dry freight containers, which are by far the most common of the three principal types of intermodal containers. We have also been one of the largest purchasers of new containers among container lessors over the last 12 years. We believe we are also one of the two largest sellers of used containers among container lessors for the last five years.”

Trencor Ltd today reported trading profit after net finance costs from continuing operations for the six months to 30 June surged by 55% to R350 million from R226 million at the halfway stage in 2006.

The group lifted its interim dividend to 22 cents per share from 20 cents in 2006.

Trencor, most of whose revenue, expenditure and assets are denominated in US dollars, reported trading profit from continuing operations, after net finance costs, increased by 33% from US$36,7 million to US$48,9 million.

Chairman Neil Jowell said net profit of US$32 million, against a restated US$24,2 million in 2006, was reported for the half-year by Textainer, the 72%-owned subsidiary which manages the world’s largest lessor-operated marine container fleet.

He said Trencor’s interim headline earnings were 102,1 SA cents per share after taking into account the effect of foreign exchange translation gains and losses and conversion of Trencor debentures into ordinary shares on a one-for-one basis from 1 January 2007. This could be compared with similarly diluted earnings per share for the 2006 period of 108,8 cents. The main reason for the lower headline earnings is that the contribution from currency gains was only R20 million this time, compared to R153 million in the same period last year. Following the conversion of the debentures, the weighted average number of Trencor shares in issue for the period increased to 187,1 million from 155,8 million.

Diluted adjusted headline earnings per share, including net gains and losses arising from the sale of containers from Textainer’s leasing fleet, were 114,4 cents for the six months, against 117,1 cents in 2006.

Jowell said average utilisation of the Textainer fleet for the six months to June improved to 91,2% from 89,8% in the 2006 period. Spot utilisation of the fleet at June 30 was 91,7%.

He said 62,7% of the 1,5 million TEU (20-foot equivalent units) under management at June 30 was on long-term lease compared to 67,4% of the 1,2 million TEU in June 2006.

“Textainer expects to increase the total fleet under management to more than two million TEU from 1 September. This follows the July announcement of its acquisition of the rights to manage the Capital Lease Ltd fleet of over 500 000 TEU.”

“A listing of Textainer’s shares on an international stock exchange is still under consideration.”

Jowell said that while TrenStar SA, the wholly-owned local subsidiary in supply chain and logistics services, contributed satisfactorily to group earnings for the half-year, Trencor was continuing to review alternatives for the future of TrenStar Inc, of which it owns 58%.

“TrenStar Inc continues to trade satisfactorily in the US, but the beer keg asset ownership and management business in the UK and Europe has been discontinued. An orderly unwinding of contracts with the brewers is under way.”

TrenStar Inc contained losses from continuing operations to US$900 000 for the half-year, compared with US$2,6 million at the interim stage in 2006.

In a transaction that closed on 23 July 2007, CIF 3, an investment fund advised by DVB Bank, acquired Capital Lease Limited, Hong Kong, the world’s 8th largest container leasing company, and simultaneously sold the management rights to Capital Lease’s over 500 000 TEU (20-foot equivalent unit) container fleet to Textainer, a company in which Trencor has a 72% interest.

Ian Karan, Chairman of Capital Lease, stated: “After an extensive bidding process, involving other container lessors, banks, hedge funds and equity players, the fund advised by DVB Bank emerged as the winner. A prime factor for this choice is the involvement of Textainer to manage the entire fleet. DVB Bank is a leading funding partner for the container leasing market whilst Textainer is a leading manager of container portfolios. The business that we have worked so hard to build is therefore, we believe, in safe hands.”

Dagfinn Lunde, Member of the Board of Managing Directors of DVB Bank AG and head of DVB’s Shipping Division, commented: “I am delighted that the combined offer of Textainer and the fund advised by DVB was finally successful in a bidding process which had attracted numerous bidders. We were able to successfully combine the high expertise of DVB in the field of container box financing with the in-depth market know how of Textainer in managing large container fleets.”

Eric Snellen, head of DVB’s Container Business Unit, said: “Winning the competitive bidding process to acquire Capital Lease proves that DVB has built up a competitive advantage in acquiring container portfolios for the funds advised by it. The Capital Lease portfolio contains high quality well maintained containers leased to world class lessees. We are also pleased to work with Textainer, as it is the largest and most experienced manager of container portfolios.”

John Maccarone, President and CEO of Textainer, noted that: “Capital Lease is one of the leaders in our industry, with a high quality fleet of containers. We are extremely pleased and proud to be taking over the management of such an excellent container fleet and will continue its tradition of first class service. In the past 20 years, we have either purchased, or assumed management of the container fleets of seven other lessors, now including Capital Lease. We strongly believe that more leasing industry consolidation is justified, and are actively seeking other opportunities.”

Mr Maccarone added: “Our strategy is to be the most reliable supplier to our shipping line customers of containers in high demand locations. We do this not only by having the largest lessor-operated container fleet in the world, over 2 million TEU, but also by purchasing an average of over 90 000 TEU of new containers each year, and by aggressively repositioning off-lease containers. Increasing our fleet by 33% with the acquisition of the Capital Lease fleet will help ensure that we have the containers our customers want in the locations they want them.”

Mr Neil Jowell, Chairman of Trencor, stated: “We are delighted that Textainer secured the management rights for the Capital Lease fleet. The consideration paid by Textainer is a sound investment that meets our investment criteria. Although its impact on earnings in the first year will be modest, we look forward to a satisfactory contribution over future years.”

Mobile is an investment holding company listed on the JSE Limited. It’s main investment is a holding of 46% in Trencor. www.mobile-industries.net

Textainer is a 28 year old organisation and is the largest lessor of marine containers and one of the two largest sellers of second hand containers in the world. With offices and depots in more than 150 locations around the globe, Textainer serves more than 300 leasing customers, which include virtually all of the world’s leading international shipping lines, and over 700 container sales customers. www.textainer.com

DVB Bank AG, based in Frankfurt/Main, is an international advisory bank and finance house that specializes in the global transport market. DVB offers integrated financing solutions and advisory services in respect of Shipping, Aviation, and Land Transport. The Bank operates out of offices in Frankfurt/Main, Hamburg, London, New York, Rotterdam, Hong Kong, Singapore, Tokyo, Bergen/Oslo, Piraeus and Curaçao. DVB Bank AG is listed on the Frankfurt Stock Exchange (ISIN: DE0008045501). www.dvbbank.com

Capital Lease is an industry leader in the leasing of marine containers. Founded in November 1996, it has grown to over 500 000 TEU and operates a fleet of top quality containers with an average age of 4,8 years. Employing 71 people globally, Capital Lease has offices in Amsterdam, Hamburg, Hong Kong, Miami and Shanghai, supported by agents in major international shipping and trading centres. www.capital-lease.com

MOBILE INDUSTRIES LIMITED (Incorporated in the Republic of South Africa) (Reg No 1968/014997/06)

Share Code: MOB ISIN: ZAE000091435 ("Mobile")

REPORT ON PROCEEDINGS AT ANNUAL GENERAL MEETINGS

At the annual general meetings of Trencor and Mobile held on 23 May 2007, the requisite majority of shareholders approved all the ordinary and special resolutions as set out in the notices and proposed at the meetings. The special resolutions will now be lodged with the Registrar of Companies for registration.

Trencor and/or Mobile debenture holders (“debenture holders”) are referred to the reviewed results for the year ended 31 December 2006 announced on SENS on 22 February 2007 informing them, inter alia, of the automatic conversion of the Trencor and Mobile debentures (“debentures”).

The debenture Trust Deeds governing the debentures provide for an automatic and compulsory conversion of the debentures into ordinary shares on the last Friday of the fifth month following the financial year in respect of which the total dividend declared in cents per share is equal to or exceeds a specified level, namely 54,6 cents in respect of Trencor and 4,5 cents in respect of Mobile.

In view of the fact that the total dividends declared in respect of the year ended 31 December 2006 exceeded these specified levels, each Trencor debenture will be converted into one Trencor ordinary share and each Mobile debenture into three Mobile ordinary shares with effect from the close of business on Friday, 25 May 2007.

A circular to debenture holders (which can be accessed here) has been posted today providing details of the automatic conversion and incorporating a form of surrender for use by certificated debenture holders.

The salient dates regarding the automatic conversion are as follows:

2007

Circular posted to debenture holders on

Tuesday, 10 April

Last date to trade in the debentures on

Friday, 18 May

Suspension of the debentures on the JSE trading system at commencement of trade on

Monday, 21 May

Debenture holders may trade their ordinary share entitlements from commencement of trade on

Monday, 21 May

Record date for the automatic conversion of debentures into ordinary shares on

Friday, 25 May

Dematerialised debenture holders will have their CSDP or broker accounts updated on

Monday, 28 May

Termination of the listing of the debentures at commencement of trade on

Monday, 28 May

Certificated debenture holders who have surrendered their documents of title by 12:00 on Friday, 25 May 2007 will have their converted ordinary share certificates posted to them on or about

Monday, 28 May

Certificated debenture holders who have surrendered their documents of title after 12:00 on Friday, 25 May 2007 will have their converted ordinary share certificates posted to them within 5 business days of receipt thereof

Notes:

The above dates and times may be subject to amendment. Any such amendment will be released on SENS and published in the press.

Debenture certificates may not be dematerialised or rematerialised after Friday, 18 May 2007.

MOBILE INDUSTRIES LIMITED(Incorporated in the Republic of South Africa)(Registration no 1968/014997/06)

SHARE CODE: ISIN: MOB ZAE000091435 MOBD ZAE000004610 ("Mobile")

DISTRIBUTION OF ANNUAL REPORTS, NOTICE OF ANNUAL GENERAL MEETINGS AND MODIFICATIONS TO REVIEWED RESULTS

DISTRIBUTION OF ANNUAL REPORTS

The annual financial statements in respect of the year ended 31 December 2006 will be distributed to holders of securities of Trencor and Mobile on or about 12 April 2007.

NOTICE OF ANNUAL GENERAL MEETINGS

The annual general meetings of Trencor and Mobile shareholders will be held on Wednesday, 23 May 2007, at 1313 Main Tower, Standard Bank Centre, Heerengracht, Cape Town, commencing at 15:00 to transact the business as stated in the annual general meeting notices forming part of the annual financial statements.

MODIFICATIONS TO REVIEWED RESULTS

Subsequent to the publication of the reviewed results in respect of the year ended 31 December 2006 released on SENS on 22 February 2007 (“the reviewed results announcement”), the following modifications have been made:

Contractual disputes between certain UK subsidiaries of 58% owned TrenStar Inc and two of the subsidiaries’ larger UK brewer customers regarding responsibility for replacing beer kegs lost due to theft, coupled with declined draught beer sales by these customers, made the underlying contracts uneconomic. After the year-end and in order to facilitate a solution, the special purpose TrenStar subsidiary that contracted with one of these customers was placed into administration and the contract was terminated, triggering the customer’s right to purchase the kegs.

Depending upon the value placed on the keg fleet, it is probable that the TrenStar subsidiary concerned will forfeit approximately UK£4,5 million of the UK£8,5 million currently held in restricted security deposit accounts by the bank that financed the purchase of the kegs.

As a consequence, the keg fleet has been impaired by UK£4,5 million (R61,5 million) of which UK£2,6 million (R35,7 million) is attributable to Trencor. Furthermore, goodwill attributable to Trencor’s interest in TrenStar Inc amounting to R33,9 million has also been impaired.

Accordingly, while Trencor’s headline earnings per share and adjusted headline earnings per share for 2006 remain unchanged, basic earnings per share from continuing operations in the annual report will decrease from those published in the reviewed results announcement as follows:

Annual

Reviewed

Report

Results

R million

R million

Basic earnings attributable to equity holders of the company

319,4

389,0

Minority interest

175,4

201,2

Basic earnings per share continuing operations (cents)

202,2

246,7

Diluted earnings per share (cents)

176,6

212,3

The effects of the above matters on certain balance sheet items are as follows:

Trencor Ltd has rewarded shareholders with a 42,5% increase in annual dividends. A final dividend of 37 cents per share, making a total of 57 cents per share for 2006, was declared today. This is 17 cents more than the 2005 distribution of 40 cents per share.

The increased dividend followed the board’s adoption last year of a policy guideline for annual dividends to be covered about three times by sustainable adjusted headline earnings, excluding the effect of unrealised foreign exchange translation gains and losses.

The increased dividend also triggered conversion from 25 May of each Trencor convertible debenture into one Trencor ordinary share and of each debenture in Mobile Industries Ltd, which owns 46% of Trencor, into three Mobile ordinary shares.

The total Mobile dividend for 2006 was 4,55 cents per share.

The conversions became automatic when total annual dividends topped 54,6 cents for Trencor and 4,5 cents for Mobile.

Announcing 2006 results today, Trencor’s chairman, Neil Jowell, said the reduction of investor entry points into the Mobile/Trencor group from five to two – one class of ordinary shares in each of the companies – simplifies the group structure and should enhance liquidity in Mobile and Trencor shares.

Jowell said investigations into value enhancement initiatives at the operational level indicated that an appropriate opportunity may be the listing of Textainer, its 72%-owned marine container manager, on an international stock exchange. This is being explored further, he said.

Jowell said Textainer which manages the world’s largest lessor-operated container fleet of more than 1,5 million TEU of containers, reported net profit of US$54,1 million, against US$59,6 million in 2005.

Textainer was the main contributor to Trencor headline earnings per share, including net unrealised foreign exchange gains and losses, of 232,8 cents, against 255,4 cents in 2005. In US dollar terms, headline earnings were 27,7 US cents per share (2005: 32,1 US cents).

Trencor’s adjusted headline earnings per share were 253,5 cents (2005: 274,5 cents) which, consistent with prior years, include gains and losses arising on the disposal of containers from Textainer’s leasing fleet. In US dollar terms, adjusted headline earnings were 30,8 US cents per share (2005: 35,1 US cents).

Jowell said the average utilisation of the Textainer container fleet under management for the year was 91,1% (2005: 91,9%). Currently, utilisation was 91,6%.

Textainer bought the right to manage the Gateway fleet with effect from July 2006, increasing the fleet under management by 317 000 twenty-foot equivalent units (TEUs). It bought 94 400 TEUs during the year.

Jowell said TrenStar SA, the wholly-owned local subsidiary in supply chain and logistics services, increased 2006 revenue to R72 million from R57 million. Profit before interest and tax improved to R9,8 million from R3,5 million.

He said strategic alternatives for the US-based TrenStar Inc, 58% owned by Trencor, continued to be considered. It reported 2006 revenue of US$65,6 million, against US$56,0 million in 2005, and a net loss, including substantial restructuring costs, of US$11,2 million (2005: loss US$9,9 million).

He said certain TrenStar operations in the US continued to show promise, but developments in the UK affected performance.

“In the UK, higher beer keg losses due to theft, coupled with declining draught beer sales, on which TrenStar’s revenue is based, at two of TrenStar’s larger UK brewer customers, have made the contracts between these customers and the TrenStar subsidiaries involved uneconomic.”

“Contractual disputes with these customers regarding responsibility for replacing kegs in this environment of increased keg losses have exacerbated the position. TrenStar is discussing the best way forward with the customers and financiers concerned.”

“To facilitate a solution, the special purpose company that contracted with one of these customers has been placed into administration and it is unlikely that the contract will be continued. It is also possible that the contract with the other customer may be discontinued.”

Notice is hereby given that interest at the rate of 6% per annum in respect of the six month period ending 31 December 2006 will be paid to holders of convertible debentures in the following companies as follows:

TRENCOR

27,3 CENTS PER CONVERTIBLE DEBENTURE

MOBILE

6,75 CENTS PER CONVERTIBLE DEBENTURE

The salient dates pertaining to the interest payments are as follows:

Last day to trade "cum" the interest payment

Friday 8 December 2006

Trading commences "ex" the interest payment

Monday 11 December 2006

Record date

Friday 15 December 2006

Payment date

Friday 29 December 2006

Interest cheques, dated 29 December 2006, in respect of certificated debenture holders, will be posted on or about Friday, 22 December 2006. The convertible debenture certificates may not be dematerialised or rematerialised between Monday, 11 December 2006 and Friday, 15 December 2006, both days inclusive.

BY ORDER OF THE BOARDS : TRENCOR SERVICES (PTY) LTD SECRETARIES23 November 2006

Trencor Ltd today declared an interim dividend of 20 cents a share, double the 10 cents a share paid at the halfway stage in 2005.

The increased dividend followed an announcement yesterday (23 August) of the Trencor board’s adoption of a policy guideline for annual dividends to be covered about three times by sustainable adjusted headline earnings, excluding the effect of unrealised foreign exchange translation gains and losses.

Trencor chairman Neil Jowell said adjusted headline earnings for the six months to 30 June were 140,2 cents a share. This included net gains and losses arising from the sale of containers in the leasing fleet of its subsidiary, Textainer. As foreshadowed in a trading statement on 11 August, the adjusted headline earnings were lower than the 185 cents a share earned at the halfway stage in 2005.

He said trading profit, after net interest expense, earned mainly in foreign currency increased by 3% from US$35,3 million to US$36,3 million. Expressed in rand, this increased to R224 million from R217 million at June 2005.

Net exchange gains of R152 million (against R257 million in 2005) arose on translation into rand of the net dollar receivables and related provisions and loans. The effect of this non-cash adjustment was to reduce earnings per share for the six months to 30 June when compared with 2005.

Headline earnings a share, including the effect of foreign exchange translation gains and losses, were 130,3 cents (174,7 cents) equivalent to11,4 US cents (16,5 US cents). Jowell said Textainer’s net profit for the half year was US$25,4 million against US$30,8 million at June 2005.

"Average utilisation of the container fleet under management for the six months was down to 89,8%, compared with 92,4% in June 2005. Spot utilisation at 30 June was however back up at 91,9%."

He said two thirds of the 1,2 million containers under management at 30 June were on long-term lease. Textainer had increased the total managed fleet to 1,5 million TEU (twenty foot equivalent unit) from 1 July following acquisition of the rights to manage Gateway’s fleet of 315 000 TEU. This made Textainer’s the largest lessor-operated fleet in the world.

Jowell said alternatives for the future of TrenStar, which focuses on supply chain and logistics services, continued to be reviewed. TrenStar lost US$4,7 million for the half year.

Mobile Industries Ltd which owns 47% of Trencor, declared an interim dividend of 1,55 cents a share. It is proposing to consolidate its ‘N’ and ordinary shares and to amend the voting rights of ordinary shares from one vote a share from the current 100 votes.

The companies said that, barring unforeseen events, it was likely that the 2006 annual dividends would reach the levels that trigger the automatic conversions of debentures into ordinary shares.

Each Trencor convertible debenture converts into one ordinary share when the total dividend declared equals or exceeds 54,6 cents a share. A Mobile convertible debenture converts into one ordinary and two ‘N’ ordinary shares when the total dividend declared equals or exceeds 4,5 cents a share.

Trencor dividends for 2005 were 40 cents a share, with cover at 6,6 times headline earnings. Mobile dividends for 2005 were three cents a share, with cover at 9,8 times.

TRENCOR LIMITED("Trencor")(Incorporated in the Republic of South Africa)(Registration number 1955/002869/06)SHARE CODE: ISIN: TRE ZAE000007506 TED2 ZAE000007282

MOBILE INDUSTRIES LIMITED("Mobile")(Incorporated in the Republic of South Africa)(Registration number 1968/014997/06)

SHARE CODE: ISIN: MOB ZAE000004602 MBN ZAE000012274 MOBD ZAE000004610

CAPITAL RESTRUCTURING AND VALUE ENHANCING INITIATIVES

Introduction

Holders of Trencor and Mobile securities are referred to the announcement of 17 May 2006 informing them of a report at the annual general meetings that the current group structure was being reviewed and that, as a further step in that process, NM Rothschild & Sons had been appointed to advise on opportunities to enhance value for the group. Based on that advice, the Trencor and Mobile boards have resolved to proceed with this process through the implementation of proposals that will result in amendments to both Trencor’s and Mobile’s capital structures, the adoption of dividend policy guidelines and pursuing value enhancing initiatives.

The proposals set out in this announcement will have the effect, over time, of reducing the number of points of entry for investment in the group from five to two, whilst providing shareholder stability while value enhancing initiatives below the listed level continue to be pursued.

Following the implementation of the proposals, the merits of further changes to the group structure will be considered from time to time as appropriate.

Conversion of Mobile ‘N’ ordinary shares

Mobile currently has two classes of shares in issue, being ordinary shares and ‘N’ ordinary shares, which are identical in all respects, save for their voting rights. Upon a poll each ordinary share entitles the holder to 100 votes and each ‘N’ ordinary share entitles the holder to one vote. The Mobile board is of the opinion that Mobile’s share capital structure should be simplified by consolidating the two classes of shares into one class. Historically the value at which Mobile ‘N’ ordinary shares have traded closely approximates the trading value of the Mobile ordinary shares. Accordingly, it is proposed that this be implemented by converting the ‘N’ ordinary shares to ordinary shares on a one-for-one basis. Conditional upon the implementation of the required resolutions converting the ‘N’ ordinary shares to ordinary shares, it is proposed that the terms of the ordinary shares be amended such that each ordinary share entitles the holder thereof to one vote.

Dividend policy guidelines

The Trencor board has adopted a dividend policy guideline that annual dividends should be covered about three times by sustainable adjusted headline earnings as set out in Trencor’s financial reports, but excluding the effect of unrealised foreign exchange translation gains and losses.

The Mobile board has adopted the guideline that, apart from covering the administrative costs of the company, dividends received from Trencor should be passed through to Mobile shareholders.

Convertible debentures

The terms of the Trencor and Mobile convertible debentures provide for an automatic conversion into ordinary shares on the last Friday of the fifth month following the financial year in which annual dividends declared equal or exceed a pre-determined level. In the case of Trencor, each convertible debenture converts into one ordinary share when the total annual dividend declared equals or exceeds 54,6 cents per share. In the case of Mobile, each convertible debenture converts into one ordinary and two ‘N’ ordinary shares when the total annual dividend declared equals or exceeds 4,5 cents per share. Barring unforeseen events, dividends in respect of the 2006 financial year based on the dividend policy guidelines as outlined in 3 above, are likely to reach the levels that will trigger the automatic conversions.

Conditional upon the implementation of the required resolutions converting the ‘N’ ordinary shares to ordinary shares, as outlined above, it is proposed that the terms of the Mobile convertible debentures be amended such that each convertible debenture converts into three Mobile ordinary shares, equivalent to what would previously have been one ordinary and two ‘N’ ordinary shares.

Value enhancement in Trencor

Trencor continues to pursue opportunities to enhance security holder value. In addition to organic growth in Trencor's operating companies, a number of specific initiatives have been identified which could involve a combination of a restructuring of the Trencor group below the listed level, opportunities for corporate action and acquisitions. A recent example of the latter is the acquisition by Textainer of the Gateway container management contracts, adding some 315 000 TEU (twenty-foot equivalent unit) to the container fleet under Textainer's management and making it the largest lessor-operated container fleet in the world. Trencor continues to review alternatives for the future of its TrenStar subsidiary.

Mobile documentation and general meetings

General meetings of holders of Mobile shares and convertible debentures will be convened, as applicable, to:

approve the conversion of the ‘N’ ordinary shares into ordinary shares;

amend the voting rights of ordinary shares to one vote per ordinary share (from 100); and

amend the conversion rights of the convertible debentures so that each debenture will convert into three ordinary shares instead of one ordinary and two ‘N’ ordinary shares.

Circulars containing full details of the capital restructuring and convening general meetings to pass the requisite resolutions will be issued in due course.

On 17 May 2006 it was announced on SENS that at the annual general meetings of Trencor and Mobile it was reported that:

the current Trencor/Mobile group structure was being reviewed;

as a further step in this process, NM Rothschild & Sons had been appointed to provide external advice regarding opportunities to optimise value within the group; and

the Boards of Trencor and Mobile expected to be in a position to report further in this regard within 90 days.

Investors are hereby informed that the Boards of Trencor and Mobile will report further in this regard at the time of releasing the interim results for the 6 months ended 30 June 2006 on or about 24 August 2006.

Holders of securities in Trencor and Mobile are advised that, despite a small increase in trading income after net interest expense, Trencor expects to report undiluted headline earnings of between 125,0 and 135,0 SA cents per share for the six months to 30 June 2006 compared to 174,7 SA cents for the same period in 2005. The principal reason for this decline is that unrealised gains arising on the translation of the net long-term receivables, amounting to R151 million, are lower than the gains in the corresponding period in 2005 of R273 million. The spot exchange rate declined by 79 cents from US$1 = R6,31 at 31 December 2005 to R7,10 at 30 June 2006. In the corresponding period last year, the spot exchange rate declined by 104 cents. Expressed in US currency, unrealised exchange gains arising on translation of certain liabilities declined to US$3 million for the six months under review, from US$16 million last year. Undiluted headline earnings for this reporting period are expected to decline from 16,5 US cents per share in 2005 to approximately 11,0 US cents per share for 2006.

This financial information has not been reviewed or reported on by the companies' independent auditors. The unaudited interim results in respect of the six months ended 30 June 2006 are expected to be published on or about 24 August 2006.

Textainer Equipment Management Limited, Trencor’s 73% foreign subsidiary, and Gateway Management Services Limited have announced agreement under which Textainer will purchase from Gateway the right to manage Gateway’s 315 000 TEU (20-foot equivalent unit) container fleet effective 1 July 2006. Combining Gateway’s and Textainer’s fleet will result in Textainer managing a fleet of 1 million units (or 1,5 million TEU), making it the largest lessor-operated container fleet in the world.

“Just as the container shipping industry continues to consolidate, I believe the container leasing industry should as well. With Textainer’s outstanding track record, we felt they were the best choice to manage the Gateway fleet. This is a positive outcome for our customers and suppliers.” said Raphael Che, President and CEO of Gateway.

John Maccarone, President and CEO of Textainer noted that “In the past 19 years, we have either purchased, or assumed management of the container fleets of six other lessors, now including Gateway. We strongly believe that more leasing industry consolidation is justified, and are actively seeking other opportunities.”

Maccarone added “Our strategy is to be the most reliable supplier to our shipping line customers of containers in high demand locations. We do this not only by having the largest lessor-operated container fleet in the world, at 1,5 million TEU, but also by purchasing more than 1 million TEU of new containers in the past 12 years, and by aggressively repositioning off-lease containers. Increasing our fleet by 28% with the acquisition of the management of the Gateway fleet will help ensure that we have the containers our customers want in the locations they want them.”

Gateway was founded in 1997 and currently manages a fleet of containers with an average age of seven years, owned by several independent owners.

Textainer is a 27 year old organisation and a leader in the marine container leasing industry. It leases standard and special dry freight marine containers to international shipping lines. It also purchases older containers from its shipping line customers and sells these containers along with containers being disposed from its own fleet. With offices and depots in more than 150 locations around the globe, Textainer serves more than 300 leasing customers, which include virtually all of the world’s leading international shipping lines and over 700 container sales customers. Textainer’s highly experienced staff supervises more than 40 000 equipment transactions per month. Textainer is the largest lessor of marine containers and is among the largest sellers of second hand containers in the world.

It is anticipated that, after amortising the cost of purchasing the right to manage Gateway’s fleet, this transaction will increase Trencor’s earnings by about US$1 million (R7,2 million) in 2006 and about US$2,3 million (R16,5 million) in 2007.

Notice is hereby given that interest at the rate of 6% per annum in respect of the six month period ending 30 June 2006 will be paid to holders of convertible debentures in the following companies as follows:

TRENCOR

27,3 CENTS PER CONVERTIBLE DEBENTURE

MOBILE

6,75 CENTS PER CONVERTIBLE DEBENTURE

The salient dates pertaining to the interest payments are as follows:

Last day to trade cum the interest payment

Thursday 8 June 2006

Trading commences ex the interest payment

Friday 9 June 2006

Record date

Thursday 15 June 2006

Payment date

Friday 30 June 2006

Interest cheques, dated 30 June 2006, in respect of certificated debenture holders, will be posted on or about Friday, 23 June 2006. The convertible debenture certificates may not be dematerialised or rematerialised between Friday, 9 June 2006 and Thursday, 15 June 2006, both days inclusive.

BY ORDER OF THE BOARDS : TRENCOR SERVICES (PTY) LTD SECRETARIES25 May 2006

At the annual general meetings of Trencor and Mobile held on 17 May 2006, the requisite majority of shareholders approved all the ordinary and special resolutions as set out in the notices and proposed at the meetings. The special resolutions will now be lodged with the Registrar of Companies for registration.

In the Trencor Chairman’s statement bound in with the 2005 annual reports of Trencor and Mobile, it was reported that the current Trencor/Mobile group structure was being reviewed. At the annual general meetings it was announced that, as a further step in this process, NM Rothschild & Sons has been appointed to provide external advice regarding opportunities to optimise value within the group. The Boards of Trencor and Mobile expect to be in a position to report further in this regard within 90 days.

The annual financial statements in respect of the year ended 31 December 2005 will be distributed to holders of securities of Trencor and Mobile on 18 April 2006.

There are no modifications to the reviewed results published on 27 February 2006, save that the directors of Trencor determined that the effect of the hedge accounting adjustments made by its 73% subsidiary, Textainer Group Holdings Limited, is correctly included in headline earnings and should not have been excluded in the calculation of adjusted headline earnings. Accordingly, whilst headline earnings per share remain unchanged, Trencor’s adjusted headline earnings per share in the annual financial statements will increase from those published in the reviewed results as follows:

Adjusted headlineearnings per share (cents)

2005

2004

Annual financial statements

281,3

90,2

Reviewed results

266,7

72,5

The annual general meetings of Trencor and Mobile shareholders will be held on Wednesday, 17 May 2006, at 1313 Main Tower, Standard Bank Centre, Heerengracht, Cape Town, commencing at 15:00 to transact the business as stated in the annual general meeting notices forming part of the annual financial statements.

Strong 2005 trading conditions in marine container leasing and a foreign exchange gain helped Trencor Ltd lift headline earnings per share for the year to 31 December to 262,3 cents from 78,3 cents in 2004.

Trencor whose business is largely US dollar-denominated, said that headline earnings in dollar terms were 51% higher at 33,1 US cents per share, as against 21,9 US cents per share in 2004.

A final dividend of 30 SA cents per share, making a total of 40 cents per share for the year, was declared. This is more than treble the 12 cents per share declared for 2004.

Adjusted headline earnings per share, including gains and losses on disposals of containers from the leasing fleet of subsidiary Textainer, were 266,7 cents (78,3 cents).

Chairman Neil Jowell said that, as indicated in a trading statement on 8 February, the improvement in earnings was mainly due to a continuing pleasing improvement in trading income after net interest expense and a weakening in the US$/R exchange rate from R5,61 at 31 December, 2004 to R6,31 at the end of 2005.

Trencor’s trading profit after net interest expense increased by 31% to R480 million from R366 million in 2004.

He said Textainer, the group’s global container lessor, reported net income for the year of US$56,9 million (US$46,4 million in 2004) although average utilisation of the container fleet under management for the year was 91,9%, against 93,2% in 2004. Currently, utilisation was 89,1%, he said, and 68,4% of the 1 155 000 twenty foot equivalent units (TEUs) under management were on long-term lease.

Equipment purchases during the year amounted to 78 454 TEUs, which was significantly below expectation due to a slowdown in trading conditions as from the fourth quarter.

Jowell said TrenStar Inc, the US-based subsidiary focused on supply chain management, did not meet expectations and reported revenue for the year of US$56 million, US$5 million more than in 2004. The net loss for the year was down to US$9,9 million from US$13,8 million in 2004.

During the second half of the year, the TrenStar Inc board implemented certain management changes which included the appointment of Alex M Brown as chief executive. A former executive director of Trencor, Brown has a long association with the group.

Jowell said Trencor’s wholly-owned South African subsidiary, TrenStar SA, performed well and made a positive contribution to earnings.

Mobile Industries Ltd which derives its income mainly from its 47% interest in Trencor, declared a dividend of 2,3 cents per share. Headline earnings per share for the year were 29,3 cents, compared to 12,2 cents in 2004.

Holders of securities in Trencor and Mobile are advised that Trencor expects to report undiluted headline earnings of between 250 and 265 cents per share for the year ended 31 December 2005 (2004: 78,3 cents per share, after adjustment as explained below). This improvement is mainly the net result of the factors set out below. Expressed in US currency, undiluted headline earnings are expected to increase to between 30 and 35 US cents per share in 2005 (2004: 22,0 US cents). Undiluted earnings per share are expected to increase to between 265 and 280 cents per share (2004: 56 cents per share, after adjustment as explained below).

· Trading income after net interest expense continues to show pleasing improvement.

· The spot US$/R exchange rate weakened from R5,61 at 31 December 2004 to US$1 = R6,31 at 31 December 2005. This resulted in a net unrealised exchange gain of approximately R187 million (86 cents per share) for the year on the translation of the long-term receivables and the related provision from US dollars into rand (2004: R230 million loss – 105 cents per share).

·A net release from the debtor provisions that is smaller than that in 2004.

Holders of securities are further advised that Textainer, 73% owned by Trencor, has determined that under the stricter application of International Accounting Standard 39, it may not use hedge accounting for certain interest rate swaps taken out to hedge economic risk, notwithstanding that the swaps had been 98% effective. It is therefore required to account on the basis that the net result of the marked-to-market valuation of these instruments is flowed through the income statement. In the past, these adjustments have been charged or credited direct to equity in accordance with the principles of hedge accounting. The net result of this non-cash change is an increase in Textainer’s 2004 earnings of US$5,8 million. The effect on Trencor is to increase undiluted headline earnings per share in 2004 by 17,6 cents from 60,7 cents to 78,3 cents. Comparative figures for 2004 have been amended accordingly. No changes are required to Trencor’s 2004 balance sheet. The unrealised gain reported in Textainer on marking these instruments to market at 31 December 2005 is approximately US$4,9 million.

This forecast financial information has not been reviewed or reported on by the companies’ auditors. The Reviewed Results in respect of the year ended 31 December 2005 are expected to be published towards the end of February 2006.

Notice is hereby given that interest at the rate of 6% per annum in respect of the six month period ending 31 December 2005 will be paid to holders of convertible debentures in the following companies as follows:

TRENCOR

27,3 CENTS PER CONVERTIBLE DEBENTURE

MOBILE

6,75 CENTS PER CONVERTIBLE DEBENTURE

The salient dates pertaining to the interest payments are as follows:

Last day to trade cum the interest payment

Thursday 8 December 2005

Trading commences ex the interest payment

Friday 9 December 2005

Record date

Thursday 15 December 2005

Payment date

Friday 30 December 2005

Interest cheques, dated 30 December 2005, in respect of certificated debenture holders, will be posted on or about Friday, 23 December 2005. The convertible debenture certificates may not be dematerialised or rematerialised between Friday, 9 December 2005 and Thursday, 15 December 2005, both days inclusive.

BY ORDER OF THE BOARDS : TRENCOR SERVICES (PTY) LTD SECRETARIES17 November 2005

Trencor Ltd whose container and supply chain operations derive their income mainly in foreign currency, lifted headline earnings per share (HEPS) for the six months to 30 June to 168,7 cents from 10 cents earned at the halfway stage in 2004.

An interim dividend of 10 cents per share was declared.

Chairman Neil Jowell said adjusted HEPS of 179,1 cents included gains and losses arising from the sale of used marine containers from the leasing fleet of subsidiary Textainer. This compared with the 2004 interim of 11,1 cents per share.

Jowell said that, expressed in US currency, undiluted HEPS came to 15,5 US cents, against 4,2 US cents in June 2004.

He said trading income from continuing operations, after interest, increased by 79% from US$17,9 million to US$32,1 million. Due to the stronger average exchange rate of R5,61 at 31 December 2004 compared to R6,65 at 30 June, this increase in rand terms was 60% - to R197 million from R123 million at June 2004.

Net unrealised exchange gains on translating net dollar receivables, the related provisions and loans into rand were R257 million compared to the net unrealised loss of R75 million for the corresponding period in 2004.

Jowell said Textainer, a global container lessor, earned net income for the half year of US$28,8 million (US$17,1 million).

“Textainer improved average utilisation of the container fleet under management for the six months to 92,% against 90,7% in 2004. Of the 1 170 000 (20-foot equivalent units) containers under management, 68,6% are now on long-term lease.”

He said Textainer completed a US$580 million bond issue in May, refinancing existing debt and freeing up existing credit lines.

Revenue at TrenStar, the US-based subsidiary focused on supply chain management, grew to US$25,6 million against US$23,3 million in 2004. Loss for the half year was reduced to US$4,4 million (2004: loss US$5,9 million).

“The timing of additional revenue from large new contracts remains unpredictable as the closing of these continues to encounter delays. Supporting the debt funding for TrenStar’s growing asset fleets with an equity component continues to require capital.” said Jowell.

He said TrenStar had concluded a transaction for the purchase and subsequent management of a fleet of cages for Bridgestone Firestone in the US in June. This was a ten-year contract with annual revenue of US$4,5 million.

Mobile Industries Ltd which has a 47% interest in Trencor, declared an interim dividend of 0,75 cents a share. Headline earnings per share were 13,7 cents (0,8 cents).

Holders of securities in Trencor and Mobile are advised that Trencor expects to report undiluted headline earnings of between 165 and 175 SA cents per share for the six months to 30 June 2005 compared to 10 SA cents for the same period in 2004. This improvement arises mainly for the reasons set out below. Expressed in US currency, earnings are expected to increase from 4,4 US cents per share in 2004 to between 14 and 16 US cents for 2005.

·Trading income after net interest expense continues to show pleasing improvement in dollar terms. In rand terms, trading income has grown at a slower rate due to the effect of the firmer average exchange rate on the conversion of income from Trencor’s mainly US dollar-based operations (average rates applied: June 2005 - US$1 = R6,23; June 2004 - US$1 = R6,60).

·The effect of unrealised exchange differences for the six months to 30 June 2005 was an increase in earnings of approximately 118 SA cents per share compared to a reduction of 34 SA cents for the six months to June 2004. The spot US$/R exchange rate weakened from R5,61 at 31 December 2004 to US$1 = R6,65 at 30 June 2005.

This financial information has not been reviewed or reported on by the company’s auditors. The unaudited interim results in respect of the six months ended 30 June 2005 are expected to be published on or about 22 August 2005.

Notice is hereby given that interest at the rate of 6% per annum in respect of the six month period ending 30 June 2005 will be paid to holders of convertible debentures in the following companies as follows:

TRENCOR

27,3 CENTS PER CONVERTIBLE DEBENTURE

MOBILE

6,75 CENTS PER CONVERTIBLE DEBENTURE

The salient dates pertaining to the interest payments are as follows:

Last day to trade cum the interest payment

Thursday 9 June 2005

Trading commences ex the interest payment

Friday 10 June 2005

Record date

Friday 17 June 2005

Payment date

Thursday 30 June 2005

Interest cheques, dated 30 June 2005, in respect of certificated debenture holders, will be posted on or about Monday, 20 June 2005. The convertible debenture certificates may not be dematerialised or rematerialised between Friday, 10 June 2005 and Friday, 17 June 2005, both days inclusive.

BY ORDER OF THE BOARDS : TRENCOR SERVICES (PTY) LTD SECRETARIES26 May 2005

At the annual general meetings of Trencor and Mobile held today, the requisite majority of shareholders approved all the ordinary and special resolutions as set out in the notices and proposed at the meetings.

Trencor and Mobile have today published their annual financial statements in respect of the year ended 31 December 2004 and confirm that there are no modifications to the reviewed results published on 28 February 2005.

The annual general meetings of Trencor and Mobile shareholders will be held on 25 May 2005 at 1313 Main Tower, Standard Bank Centre, Heerengracht, Cape Town, commencing at 15:00 to transact the business stated in the annual general meeting notices forming part of the annual financial statements.

Favourable trading conditions in the container leasing industry underpinned Trencor Ltd’s turnaround in 2004, with the group posting headline earnings of 61,8 cents per share for the year after a loss of 108,2 cents per share in 2003.

A dividend of 12 cents per share (2003: nil) was declared. The board said it will consider paying dividends on an annual basis.

Trencor reported revenue, including exchange differences, of R1,1 billion against R731 million in 2003. Trading profit from continuing operations after net financing costs grew from US$35,2 million to US$47,3 million – a 34% increase that was curbed by the effect of the stronger rand on translation of income from the group’s predominantly US$-based operations. In rand terms, there was a 12% increase in trading profit – from R273 million to R305 million.

The strengthening in the US$/Rand exchange rate to R5,61 in 2004 from R6,62 a year earlier resulted in unrealised losses of R232 million on translation of net receivables, compared with R519 million in 2003. A reduction from 12% to 10% in the discount rate applied to rand amounts attributable to third parties for long-term receivables took R42 million off pre-tax income.

Chairman Neil Jowell said strong trading conditions resulted in earnings being enhanced by a net R155 million reduction in the valuation provision against long-term receivables, but reduced by the effects of the settlement of the dispute with SARS over the tax treatment of export partners.

Jowell said buoyant trading conditions in marine container leasing were again reflected in an outstanding performance by subsidiary, Textainer. A global container lessor, Textainer increased headline income by 57% to US$46,4 million – this after an 81% increase in 2003.

While Textainer’s average fleet utilisation in 2004 was 93%, utilisation at 31 December 2004, excluding new production in manufacturers’ yards, was 97%. Textainer added 150 000 TEU (20-foot equivalent unit) new containers to its fleet in 2004. It bought 70 000 units, owned by Xtra International and which it was managing, for US$85,3 million.

Of the total managed fleet of 1,14 million TEU, 67% is on long-term lease. Almost 70% of the 484 000 TEU owned by Textainer itself is on long-term lease.

Revenue at TrenStar, the US-based subsidiary focused on supply chain management, increased by 28% to US$51 million in 2004, but delays in closing certain significant contracts adversely affected attainment of profitability. TrenStar acquired the beer keg fleet of Coors UK in June 2004, increasing the number of kegs it owns and manages in the UK to 4,1 million.

Jowell said that in terms of the agreement with SARS, the tax treatment of the export partners up to and including their 2004 tax years would be as contended by Trencor and its export partners. At the end of each of their respective first tax years ending on or after 1 January 2005, the export partners collectively would, in effect, accelerate payment of R305 million in aggregate to SARS. This was a part of the amount which Trencor and its partners had contended should be paid over the following four to five years.

Beyond the four to five year period, the tax treatment of the partners would continue on the basis contended by Trencor and its export partners.

Jowell said that of the R305 million to be paid in 2005, R68 million would have been paid in that year in any event.

Mobile Industries Ltd which has a 47% interest in Trencor, declared a dividend of 0,9 cents per share.

Holders of securities in Trencor and Mobile are advised that Trencor expects to report undiluted headline earnings of between R0,55 and R0,65 per share for the year ended 31 December 2004 compared to the undiluted headline loss of R1,08 per share in 2003. This improvement is the net result of mainly the factors set out below. Expressed in US dollars, undiluted headline earnings are expected to increase from 5,6 US cents per share in 2003 to between 18 and 20 US cents per share for 2004.

Trading income after net financing costs has shown pleasing improvement in dollar terms. In rand terms, trading income has grown at a slower rate due to the negative effect of the much stronger rand on the translation of income from Trencor’s predominantly US dollar-based operations. Earnings have been enhanced by a reduction in the valuation provision against long-term receivables in recognition of the favourable trading conditions currently being experienced in the container leasing industry and the improved outlook for the collectability and timing of receipts from the long-term receivables.

The spot US$/rand exchange rate strengthened from US$1 = R6,62 at 31 December 2003 to US$1 = R5,61 at 31 December 2004. This resulted in a net unrealised exchange loss of approximately R230 million for the year on the translation of the long-term receivables and the related provision, from US dollars into rand (2003: R520 million loss). Earnings were further reduced by:

·the effects of the settlement of the protracted dispute with the South African Revenue Service over the tax treatment of our export partners (announced on 22 December 2004); and

·a reduction in the rand discount rate applied to amounts attributable to third parties in respect of long-term receivables.

This forecast financial information has not been reviewed or reported on by the companies’ auditors. The Reviewed Results in respect of the year ended 31 December 2004 are expected to be published in early March 2005.

It was announced on 22 December 2004 that Trencor and the Commissioner for the South African Revenue Service (“SARS”) had concluded an agreement (“the agreement”) that will dispose of the income tax queries raised by SARS on some of the group’s export partners relating to the tax treatment of their participation in the container export trade, subject to all of the relevant export partners agreeing to be bound by its terms.

Holders of securities in Trencor and Mobile are hereby advised that all of the relevant export partners have agreed to be bound by the terms of the agreement and, accordingly, the agreement has taken effect.

Holders of securities in Trencor and Mobile are advised that Trencor and the Commissioner for the South African Revenue Service (“SARS”) have concluded an agreement (“the agreement”) that will dispose of the income tax queries raised by SARS on some of the group’s export partners relating to the tax treatment of their participation in the container export trade. The agreement is subject to all of the relevant export partners agreeing to be bound by its terms. The agreement does not involve any admission by either SARS or Trencor and its partners as to the correctness of the other parties' contentions.

In terms of the agreement, the tax treatment of the export partners up to and including their 2004 tax years will be as contended for by Trencor and its export partners. At the end of each of their respective first tax years ending on or after 1 January 2005 the export partners collectively will, in effect, accelerate payment of approximately R305 million in aggregate to SARS, being a portion of the amount which Trencor and its partners had contended should be paid over the following four to five years. At the end of the four to five year period, the tax treatment of the partners will continue on the basis contended for by Trencor and its export partners.

The board of Trencor remains confident that the merits of its legal position would prevail in the face of a challenge from SARS. However, the board is of the view that it is in the best interests of all stakeholders to settle this matter on the above basis rather than to face further years of costly litigation and continuing uncertainty.

Trencor will account for the effects of the agreement in its annual financial statements as at 31 December 2004. It is estimated that the implementation of the agreement and the arrangements with its partners will reduce undiluted headline earnings in that year by 25,0 cents per share in the case of Trencor and 2,0 cents per share in Mobile. The reduction in fully diluted earnings is estimated to be 20,6 cents (Trencor) and 1,7 cents (Mobile).

The forecast financial information on which this announcement is based has not been reviewed and reported on by the auditors in accordance with the JSE Securities Exchange South Africa Listings Requirements.

Notice is hereby given that interest at the rate of 6% per annum in respect of the six month period ending 31 December 2004 will be paid to holders of convertible debentures in the following companies as follows:

TRENCOR

27,3 CENTS PER CONVERTIBLE DEBENTURE

MOBILE

6,75 CENTS PER CONVERTIBLE DEBENTURE

The salient dates pertaining to the interest payments are as follows:

Last day to trade cum the interest payment

Thursday 9 December 2004

Trading commences ex the interest payment

Friday 10 December 2004

Record date

Friday 17 December 2004

Payment date

Wednesday 31 December 2004

Interest cheques, dated 31 December 2004, in respect of certificated debenture holders, will be posted on or about Monday, 20 December 2004. The convertible debenture certificates may not be dematerialised or rematerialised between Friday, 10 December 2004 and Friday, 17 December 2004, both days inclusive.

BY ORDER OF THE BOARDS : TRENCOR SERVICES (PTY) LTD SECRETARIES25 November 2004

Trencor Ltd today reported headline earnings per share of 10,5 cents for the six months to 30 June, a turnaround from last year’s interim headline loss of 88,4 cents a share.

Trencor which has Textainer, the global container lessor, among its mainly US dollar-based operations, said headline earnings, posted after unrealised foreign exchange translation losses and gains, came in at 4,4 US cents per share, as against 1,0 US cents per share at the interim stage in 2003.

Chairman Neil Jowell said there was a 10% increase – from $16,4 million to $18,1 million – in trading income from continuing operations, after net financing costs.

“When translated into rand, this declined to R125 million from R134 million at June 2003 as a result of the strengthening of the SA currency.”

Jowell said unrealised exchange losses on translating net dollar receivables into rand declined to R75 million compared to the 2003 interim loss of R272 million.

He said Textainer had another excellent half year, with headline earnings for the period growing to $17,1 million from $12 million in 2003.

“The average utilisation of the container fleet under management improved to 90,7% for the first half of 2004 from 88,3% for 2003. Right now, utilisation is at an all-time high of 95,5%, with 65% of the more than 1,1 million TEU ( twenty-foot equivalent units) on long-term lease which reduces revenue volatility.”

TrenStar, the US-based subsidiary focused on supply chain management, increased revenue for the half year to $23,3 million from $19,6 million, Jowell said.

“There were delays in closing certain significant contracts and this meant TrenStar was unable to reach profitability. TrenStar’s headline loss for the half year was $5,7 million.

“One of the delays involved the Coors UK contract. This took effect in June 2004, and TrenStar now owns and manages 60% of all beer kegs in the United Kingdom.”

Jowell said the SARS investigation into the tax treatment of export partners’ participation in the container export trade through export partnerships was well into its sixth year, but it was not possible to anticipate when it would be concluded.

Holders of securities in Trencor and Mobile are advised that it is expected that Trencor will report positive headline earnings of approximately 10 cents per share for the six months ended 30 June 2004 compared to the undiluted headline losses per share of 88,4 cents reported for the corresponding period last year and 108,2 cents reported for the year ended 31 December 2003. This change arises mainly for the reasons set out below.

In US dollar terms, trading income from Trencor’s continuing operations, after net financing costs, is expected to show an improvement over the corresponding period last year. Due to the negative effect of the much stronger rand on the translation of income from Trencor’s mainly US dollar-based operations, trading income after charging net financing costs for the six months is expected to be lower than the corresponding period last year when expressed in rand.

At 30 June 2004 the spot US$/R exchange rate had strengthened to US$1 = R6,25 from R7,38 at 30 June 2003 and R6,62 at 31 December 2003. This resulted in a net unrealised exchange loss of approximately R75 million for the six months ended 30 June 2004 on the translation of the long-term receivables and the related provision, and also Trencor’s dollar loans, from US dollars into rand (R272 million loss for the corresponding period in 2003).

This forecast financial information has not been reviewed or reported on by the auditors and holders of securities in Trencor and Mobile are advised to exercise caution when dealing in their securities until the unaudited interim results in respect of the six months ended 30 June 2004 are published, which is expected to be towards the end of August 2004.

Notice is hereby given that interest at the rate of 6% per annum in respect of the six month period ending 30 June 2004 will be paid to holders of convertible debentures in the following companies as follows:

TRENCOR

27,3 CENTS PER CONVERTIBLE DEBENTURE

MOBILE

6,75 CENTS PER CONVERTIBLE DEBENTURE

The salient dates pertaining to the interest payments are as follows:

Last day to trade cum the interest payment

Thursday 10 June 2004

Trading commences ex the interest payment

Friday 11 June 2004

Record date

Friday 18 June 2004

Payment date

Wednesday 30 June 2004

Interest cheques, dated 30 June 2004, in respect of certificated debenture holders, will be posted on or about Monday, 21 June 2004. The convertible debenture certificates may not be dematerialised or rematerialised between Friday, 11 June 2004 and Friday, 18 June 2004, both days inclusive.

BY ORDER OF THE BOARDS : TRENCOR SERVICES (PTY) LTD SECRETARIES27 MAY 2004

TRENSTAR CHOSEN BY COORS FOR KEG MANAGEMENT IN THE UK AND BECOMES UK’S LARGEST KEG OWNER AND FIRST TO OFFER BREWERS ASSET POOLING21 May 2004

Trencor Limited’s 54% US-based subsidiary, TrenStar Inc, announced in Denver, Colorado, today that it has acquired and will provide outsourced management of the beer keg fleet of Adolph Coors Company’s (NYSE--RKY) operating subsidiary in the United Kingdom, Coors Brewers Limited (CBL), bringing the percentage of kegs owned and managed by TrenStar in the UK to more than 60%.

TrenStar will make its Radio Frequency Identification-enabled (RFID-enabled) aluminum and stainless steel keg and cask fleet available to CBL under a 15-year, “per-fill” fee container services agreement. Having all containers fitted with RFID tags so that TrenStar can track location and container use information is intended for better control, visibility and asset utilization.

Greg Cronin, chief executive officer of TrenStar, said, “This is a long-term partnership between Coors and TrenStar, during which we will work hard to deliver to Coors the significant benefits that outsourced keg management and tracking can bring: reduced container loss, significantly increased asset utilization and ultimately improved customer service, which should help drive sales for Coors.”

Now the largest keg and cask owner in the UK, TrenStar plans to be the first single provider to pool and source these common, non-competitive assets and activities of multiple brewers for a lower average cost, said Cronin. He said that CBL transferred management of its keg fleet to TrenStar expecting significant and long-term cost savings through increased supply chain efficiencies and participation in a neutral industry keg pool.

“Supply chain optimization for the entire UK brewing industry becomes possible,” said David Adams, TrenStar senior vice president of corporate strategy. “Without industry pooling each brewer must duplicate the entire supply chain. Brewer participation in an industry asset pool requires a serious shift in the way things are done today, but the rewards of sharing kegs amongst competitors and letting a neutral third party run the operation are enormous.”

Cronin said that TrenStar is in negotiations for a similar partnership with major brewers in the US, Europe and Asia Pacific.

About TrenStar

TrenStar’s supply chain technology and services heritage has evolved into a pioneering RFID-enabled, “pay-per-use” model of mobile asset management designed to reduce transportation and operating costs for companies invested in containers that move raw materials, work-in-progress and finished goods through the supply chain. TrenStar’s three-part asset management, logistics services and supply chain technology solution, integrating RFID and container tracking software, is offered to qualified clients for no up front cost. This solution is intended to benefit multiple companies in an asset-intensive industry participating in TrenStar’s distinctive asset pooling operations.

TrenStar and its affiliates focus on brewing, food & beverage, chemical, air cargo, automotive, healthcare, retail and other asset-intensive industries. Scottish Courage Breweries, Carlsberg UK, Kraft and Burberry use TrenStar’s products and services. Clients of TrenStar’s affiliates include Ford, Toyota, ExxonMobil, DaimlerChrysler and Dow Chemical. Headquartered in Denver, Colorado and recognized as one of the top Denver-area software developers, TrenStar has offices in the United Kingdom, Australia and South Africa. TrenStar is privately held, and the primary shareholders are Trencor Limited, The Carlyle Group and the Leede Companies. On the Net: www.trenstar.com

About Adolph Coors Company

Founded in 1873, Adolph Coors Company is the world’s ninth-largest brewer. Its principal subsidiary is Coors Brewing Company, the third-largest brewer in the US, with a portfolio of malt beverages that includes Coors Light, Coors Original, Aspen Edge, Killian’s, Zima and Keystone family of brands. The company’s operating unit in the United Kingdom, Coors Brewers Limited, is the UK’s second-largest brewer, with brands that include Carling – the best-selling beer in the UK – Grolsch, Worthington’s, Coors Fine Light Beer and Reef. Adolph Coors Company stock trades on the New York Stock Exchange under the symbol RKY. For more information on Adolph Coors Company, visit the company’s website at www.coors.com.

At the annual general meetings of Trencor and Mobile held on 19 May 2004, all resolutions put to the meetings were passed by the requisite majority of shareholders. In line with current market preference, the proposed resolutions (numbers 4 and 7 in Trencor and 3 and 5 in Mobile) to place the unissued shares under the control of the directors until the next annual general meetings and the general issue of shares for cash were withdrawn by the respective companies.

In addition, the following major points were made in discussion at the annual general meeting of Trencor:

·Textainer’s container fleet utilisation has increased to an all time high of 94,5%

·Textainer’s profit in US dollar terms for 2004 is expected to exceed that achieved in 2003

·New container prices are very volatile and have increased materially since the start of the year

·TrenStar continues to do well in the market place and remains on target to become profitable towards the end of the year

Trencor and Mobile have published their annual financial statements in respect of the year ended 31 December 2003 and they are unchanged from the reviewed results published on 4 March 2004.

The annual general meetings will be held on 19 May 2004 at 1313 Main Tower, Standard Bank Centre, Heerengracht, Cape Town, commencing at 15:00 and the notices of the meetings are contained in the respective annual reports.

Holders of securities in Trencor and Mobile are advised that the 60% shareholder in Marlio Beleggings Sewe (Pty) Ltd has exercised its option to acquire Trencor’s 40% interest in that company for a cash consideration of R47,5 million. The effective date of the exercise of the option is 31 March 2004. Options to acquire the properties owned by Trencor and occupied by the trailer manufacturing operations of the Marlio group, for an additional cash consideration of R15,7 million, have also been exercised. Payment for these properties will be effected against registration of transfer.

A strong performance from subsidiary Textainer, a leading worldwide lessor of dry freight marine containers, helped Trencor Ltd to earnings of 5,6 US cents a share in the year to 31 December 2003.

Trading income, after interest, from continuing operations in the year improved by 49% to US$35,2 million from US$23,6 million, with Textainer recording fleet utilisation at 88%, the highest since 1995.

Chairman Neil Jowell said Trencor had elected to present its results for the year in US$ as well as SA Rand for a better appreciation, in a time of Rand/US$ volatility, of performance since virtually all revenue and assets and much of its expenditure were denominated in US$.

Trencor reported unrealised losses of R519 million (R875 million) on the translation of net receivables resulting from the appreciation of the rand/US$ rate to R6,62 at year-end from R8,66. These losses were partially mitigated by gains on translation of certain dollar loans of R84 million (R71 million).

The headline attributable loss, after unrealised translation gains and losses, was 108,2 SA cents per share, compared with a loss of 230,3 SA cents per share in 2002. The headline earnings for the year of 5,6 US cents compared with 6,8 US cents in 2002. However, earnings for 2002 included the benefit of a change in the discount rate amounting to US cents per share (about 61 SA cents).

Jowell said Textainer increased its headline income by 81% to US$29,5 million. Of the nearly 1,1 million TEU (20-foot equivalent units) in Textainer’s managed container fleet, 62% were now on long-term lease. Of the 388 000 TEU owned by Textainer itself, 78% were on long-term lease, resulting in higher utilisation and less volatile revenue.

TrenStar, the US-based supply chain management business, continued to expand markets and secure contracts with global companies. While revenue expectations were not achieved in 2003, TrenStar anticipated becoming profitable in the second half of 2004.

Jowell said the manufacturing equipment at the loss-making tank container factory in Parow had been sold with effect from 15 April 2004. The stronger rand had put pressure on margins and sales to international markets, and Trencor would be closing the factory after the sale of the equipment.

He said Trencor could not anticipate when the South African Revenue Service’s six-year-old inquiry into the tax treatment of export partners’ participation in the export of containers would be concluded. Trencor remained confident that legal advice received would prevail should SARS seek to challenge the tax treatment.

Mobile Industries Ltd reported a loss for the year of 8,6 SA cents per share, compared with a loss of 18,2 SA cents per share in 2002.

The boards of Trencor and Mobile decided not to declare a dividend at this time.

In terms of section 3.59 of the Listings Requirements of the JSE Securities Exchange South Africa, it is announced that:

Mr Edwin (Eddy) Oblowitz, formerly a senior partner at Andersens South Africa, has been appointed as an independent non-executive director and as a member of the audit committee of Trencor and Mobile with effect from 3 March 2004.

Holders of securities in Trencor and Mobile are advised that trading income from Trencor’s core businesses, after charging net financing costs, for the year to 31 December 2003, is materially better than last year (being a difference greater than 10% but less than 30% as defined in the Listings Requirements of the JSE Securities Exchange South Africa), despite the negative effect of the stronger rand on the translation of our mainly US dollar-based trading income.

The stronger rand has again impacted negatively upon earnings as a result of the net effect of translating long-term receivables and the related provision, and also the company’s dollar loans, from US dollars into rand. The negative effect on earnings for 2003 arising from these translations was substantially less than in 2002.

Overall, the headline loss per share for 2003 is expected to be substantially lower (being a difference greater than 30% as defined in the Listings Requirements of the JSE Securities Exchange South Africa) than the 230,3 cents per share for 2002.

At 31 December 2003, the exchange rate stood at US$1 = R6,62 compared with R8,66 at 31 December 2002.

This forecast financial information has not been reviewed or reported on by the companies’ auditors and holders of securities in Trencor and Mobile are advised to exercise caution when dealing in their securities until the reviewed results in respect of the year ended 31 December 2003 are published, which is expected to be in early March 2004.

Trencor Limited’s 61% US-based subsidiary, TrenStar Inc, announced in Denver, Colorado, today that it had raised US$34 million in its first institutional round of financing, with just more than half of the funding coming from Carlyle Venture Partners, the venture arm of The Carlyle Group, and the balance from other strategic investors and Trencor Limited. With this funding the largest shareholders of TrenStar are Trencor Limited with just over 50%, The Carlyle Group with 20% and the Leede Family with 14%.

TrenStar’s business model combines radio frequency identification (RFID) and container tracking technology with logistics services to provide better visibility and control of a company’s mobile assets as they carry goods and materials through the supply chain. TrenStar will devote portions of the funding to growth initiatives including further IT development and additional asset purchases from qualified companies seeking an outsourced solution for the management of their mobile assets.

Carlyle Principal Anand Gowda said “TrenStar’s RFID and container management technology initially caught our attention, but we quickly realized the potential of the company’s business model. In our due diligence we found an experienced management team adeptly introducing a way for companies to gain efficiency through better management of their mobile assets. We expect the brewing, food and beverage, synthetic rubber, automotive and air cargo business segments, in which TrenStar has already established important positions, to continue to benefit from the company’s value proposition and outsourced container management services.”

“TrenStar’s solution for the automotive, brewing and food industries in particular is strengthened by the supply chain services heritage of the founding companies including Trencor. We can now more aggressively develop our solutions and services and expand into new markets” said TrenStar President and CEO Greg Cronin. “Our new investors like the business model and recognize the talent we have on staff. We are in a position to take a very strong leadership role in the emerging mobile asset management industry.”

“TrenStar has established itself quickly in several industries” said Trencor Managing Director Hennie van der Merwe. “Our recommitment is a testament to TrenStar’s vision of streamlining mobile asset management for one company and then eventually pooling common assets within an industry to achieve significant savings for all pool members. TrenStar’s execution of this business model has proven to be a very attractive proposition to asset-intensive companies in a variety of industries.”

TrenStar and its affiliates focus on the brewing, food/beverage, chemical, air cargo, automotive, health care, retail and other asset-intensive industries. Scottish Courage Breweries, Carlsberg-Tetley Brewing Company Limited, Kraft, Goodyear, Burberry and Prada Stores use TrenStar’s products and services. Clients of TrenStar’s affiliates include ExxonMobil, Ford, Toyota, DaimlerChrysler and Dow Chemical. Headquartered in Denver, Colorado, TrenStar has offices in the United Kingdom, Australia and South Africa. On the Net: www.trenstar.com

The Carlyle Group is a global private equity firm with more than US$16 billion under management. Carlyle generates extraordinary returns for its investors by employing a conservative, proven and disciplined approach. Carlyle invests in buyouts, venture, real estate, high yield and turnarounds in North America, Europe and Asia, focusing on aerospace and defense, automotive, consumer and industrial, energy and power, healthcare, technology and business services, telecommunications and media, and transportation. Since 1987, the firm has invested US$9,2 billion of equity in 295 transactions. The Carlyle Group employs more than 500 people in 12 countries. For more information on Carlyle Venture Partners, visit www.carlyle.com

Improved operating performance on the part of Trencor Ltd’s container and supply chain management subsidiaries, whose income is earned in foreign currencies, helped the group to counter the negative impact of a stronger rand during the six months to 30 June, with trading income at R254 million. Trencor’s trading income declined by only 7% from R272 million in 2002 despite the rand strengthening against the US dollar by 40% over the year to 30 June.

Executive chairman, Neil Jowell, said that the half year to June was distinguished by a strong performance from subsidiary Textainer, the world’s largest lessor of marine dry freight containers.

Jowell said that furthermore the stronger rand significantly impacted upon earnings as a result of the translation of the long-term receivables and the related provision from US dollars into rand. These were unrealised translations, but their net adverse effect on pre-tax income was R327 million.

The net attributable loss for the six months to 30 June was R143 million or 93,3 cents per share. The loss at June 2002 was R213 million or 139,1 cents per share. No dividend was declared.

Jowell said Textainer had an excellent half year’s trading, with taxed income of US$12 million compared with US$4,5 million for the same period last year. Utilisation at 30 June was 89% of a container fleet under management currently exceeding 1 024 000 twenty foot equivalent units.

“The proportion of the fleet that is under long-term lease, and accordingly less volatile in revenue, continues to increase and amounted to 57% at 30 June.”

He said TrenStar Inc, the US subsidiary focussed on supply chain management, had secured new contracts with high profile international companies in the US in the tyre, automotive and food industries.

The implementation stage of TrenStar’s first two beer keg deals in the UK was proceeding well and the management systems would start going live from the beginning of September.

He said the stronger rand continued to put pressure on margins and sales at the stainless steel tank container factory at Parow which manufactures high quality products for international markets. Given current market conditions, the facility operated satisfactorily in the half-year, but did not achieve breakeven.

The 40% owned trailer business continued to perform well and made a positive contribution to earnings.

Jowell said Trencor was hopeful the South African Revenue Service would soon resolve its nearly five-year-old inquiry into the tax treatment of export partners’ participation in the export of cargo containers. Trencor was confident that legal advice received would prevail should SARS seek to challenge the tax treatment.

Mobile Industries Ltd whose net income is dependent on receipt of dividends from Trencor, reported an interim loss of 7,5 cents per share, compared with a loss of 11,2 cents per share at June 2002.

In terms of section 3.59 of the Listings Requirements of the JSE Securities Exchange South Africa, notice is hereby given that Mr NI Jowell has relinquished the position of CEO with effect from 23 December 2003 and will remain as Executive Chairman.

Notice is hereby given that interest at the rate of 6% per annum in respect of the six month period ending 31 December 2003 will be paid to holders of convertible debentures in the following companies as follows:

TRENCOR

27,3 CENTS PER CONVERTIBLE DEBENTURE

MOBILE

6,75 CENTS PER CONVERTIBLE DEBENTURE

The salient dates pertaining to the interest payments are as follows:

Last day to trade cum the interest payment

Thursday 11 December 2003

Trading commences ex the interest payment

Friday 12 December 2003

Record date

Friday 19 December 2003

Payment date

Wednesday 31 December 2003

Interest cheques, dated 31 December 2003, in respect of certificated debenture holders, will be posted on or about Monday, 22 December 2003. The convertible debenture certificates may not be dematerialised or rematerialised between Friday, 12 December 2003 and Friday, 19 December 2003, both days inclusive.

BY ORDER OF THE BOARDS : TRENCOR SERVICES (PTY) LTD SECRETARIES27 NOVEMBER 2003

Holders of securities in Trencor and Mobile are advised that the Board of Directors of Trencor’s wholly-owned subsidiary, Trencor Containers (Pty) Ltd, has resolved that the equipment, machinery and intellectual property of its stainless steel tank container manufacturing facility at Parow, Cape Town, be sold effective 15 April 2004 to Chang Sheng Trading Co. Inc, a Chinese container manufacturer. The sale does not include the land and buildings that house the factory. The transaction is subject to certain suspensive conditions including, inter alia, obtaining all necessary regulatory approvals and the seller complying with its consultation obligations under the applicable labour legislation in regard to the likely consequences for the employees if the transaction becomes final (which would result in the probable cessation of manufacturing activities at the Parow factory, the probable permanent closure of the factory and the consequent retrenchment of all employees at the factory). The proposed sale allows for the completion of all existing orders.

After the closure of the Group’s dry freight marine container factory in Isithebe at the end of 1999, it was reported that the Parow factory would remain open but that its future would be under constant review. Unfortunately, current and foreseeable business conditions are such that keeping the factory open is no longer a viable option. Despite starting the year with a good forward order position, prices have been under severe pressure throughout the year, and more recently the aggressive pricing policies of Chinese and other manufacturers combined with the strength of the Rand against the US dollar has exerted further downward pressure on demand and prices (in Rand terms). It is thus no longer possible to keep the production line reasonably full at acceptable prices or to achieve an acceptable return. Earlier attempts at securing a buyer for the business as a going concern or to merge the business with other South African tank container manufacturers have also proved unsuccessful.

Taking into account the costs and write-downs that would be associated with a closure (which are expected to amount to approximately R14 million), as well as the sale proceeds and prior provisions, it is not anticipated that the Group will show any losses as a result of the probable closure. The disposal will not have an effect on earnings apart from avoiding the continuation of losses suffered in the past.

Trencor Limited’s 61% US-based subsidiary, TrenStar Inc, announced in Denver, Colorado, today that it had raised US$34 million in its first institutional round of financing, with just more than half of the funding coming from Carlyle Venture Partners, the venture arm of The Carlyle Group, and the balance from other strategic investors and Trencor Limited. With this funding the largest shareholders of TrenStar are Trencor Limited with just over 50%, The Carlyle Group with 20% and the Leede Family with 14%.

TrenStar’s business model combines radio frequency identification (RFID) and container tracking technology with logistics services to provide better visibility and control of a company’s mobile assets as they carry goods and materials through the supply chain. TrenStar will devote portions of the funding to growth initiatives including further IT development and additional asset purchases from qualified companies seeking an outsourced solution for the management of their mobile assets.

Carlyle Principal Anand Gowda said “TrenStar’s RFID and container management technology initially caught our attention, but we quickly realized the potential of the company’s business model. In our due diligence we found an experienced management team adeptly introducing a way for companies to gain efficiency through better management of their mobile assets. We expect the brewing, food and beverage, synthetic rubber, automotive and air cargo business segments, in which TrenStar has already established important positions, to continue to benefit from the company’s value proposition and outsourced container management services.”

“TrenStar’s solution for the automotive, brewing and food industries in particular is strengthened by the supply chain services heritage of the founding companies including Trencor. We can now more aggressively develop our solutions and services and expand into new markets” said TrenStar President and CEO Greg Cronin. “Our new investors like the business model and recognize the talent we have on staff. We are in a position to take a very strong leadership role in the emerging mobile asset management industry.”

“TrenStar has established itself quickly in several industries” said Trencor Managing Director Hennie van der Merwe. “Our recommitment is a testament to TrenStar’s vision of streamlining mobile asset management for one company and then eventually pooling common assets within an industry to achieve significant savings for all pool members. TrenStar’s execution of this business model has proven to be a very attractive proposition to asset-intensive companies in a variety of industries.”

TrenStar and its affiliates focus on the brewing, food/beverage, chemical, air cargo, automotive, health care, retail and other asset-intensive industries. Scottish Courage Breweries, Carlsberg-Tetley Brewing Company Limited, Kraft, Goodyear, Burberry and Prada Stores use TrenStar’s products and services. Clients of TrenStar’s affiliates include ExxonMobil, Ford, Toyota, DaimlerChrysler and Dow Chemical. Headquartered in Denver, Colorado, TrenStar has offices in the United Kingdom, Australia and South Africa. On the Net: www.trenstar.com

The Carlyle Group is a global private equity firm with more than US$16 billion under management. Carlyle generates extraordinary returns for its investors by employing a conservative, proven and disciplined approach. Carlyle invests in buyouts, venture, real estate, high yield and turnarounds in North America, Europe and Asia, focusing on aerospace and defense, automotive, consumer and industrial, energy and power, healthcare, technology and business services, telecommunications and media, and transportation. Since 1987, the firm has invested US$9,2 billion of equity in 295 transactions. The Carlyle Group employs more than 500 people in 12 countries. For more information on Carlyle Venture Partners, visit www.carlyle.com

Improved operating performance on the part of Trencor Ltd’s container and supply chain management subsidiaries, whose income is earned in foreign currencies, helped the group to counter the negative impact of a stronger rand during the six months to 30 June, with trading income at R254 million. Trencor’s trading income declined by only 7% from R272 million in 2002 despite the rand strengthening against the US dollar by 40% over the year to 30 June.

Executive chairman, Neil Jowell, said that the half year to June was distinguished by a strong performance from subsidiary Textainer, the world’s largest lessor of marine dry freight containers.

Jowell said that furthermore the stronger rand significantly impacted upon earnings as a result of the translation of the long-term receivables and the related provision from US dollars into rand. These were unrealised translations, but their net adverse effect on pre-tax income was R327 million.

The net attributable loss for the six months to 30 June was R143 million or 93,3 cents per share. The loss at June 2002 was R213 million or 139,1 cents per share. No dividend was declared.

Jowell said Textainer had an excellent half year’s trading, with taxed income of US$12 million compared with US$4,5 million for the same period last year. Utilisation at 30 June was 89% of a container fleet under management currently exceeding 1 024 000 twenty foot equivalent units.

“The proportion of the fleet that is under long-term lease, and accordingly less volatile in revenue, continues to increase and amounted to 57% at 30 June.”

He said TrenStar Inc, the US subsidiary focussed on supply chain management, had secured new contracts with high profile international companies in the US in the tyre, automotive and food industries.

The implementation stage of TrenStar’s first two beer keg deals in the UK was proceeding well and the management systems would start going live from the beginning of September.

He said the stronger rand continued to put pressure on margins and sales at the stainless steel tank container factory at Parow which manufactures high quality products for international markets. Given current market conditions, the facility operated satisfactorily in the half-year, but did not achieve breakeven.

The 40% owned trailer business continued to perform well and made a positive contribution to earnings.

Jowell said Trencor was hopeful the South African Revenue Service would soon resolve its nearly five-year-old inquiry into the tax treatment of export partners’ participation in the export of cargo containers. Trencor was confident that legal advice received would prevail should SARS seek to challenge the tax treatment.

Mobile Industries Ltd whose net income is dependent on receipt of dividends from Trencor, reported an interim loss of 7,5 cents per share, compared with a loss of 11,2 cents per share at June 2002.

Holders of securities in Trencor and Mobile are advised that trading income from Trencor’s core businesses for the half year to 30 June 2003 has been satisfactory and is not significantly different from that achieved in the same period last year, despite the negative impact of the stronger rand on the translation of our mainly US dollar-based trading income.

The stronger rand has, however, again negatively impacted upon earnings in the period as a result of the net effect of the translation of the long-term receivables and the related provision, and the company’s dollar loans, from US dollars into rand. Shareholders are reminded that currently, for every one cent change in the value of the rand against the US dollar, the effect of these translations on earnings per share is approximately one cent.

At 30 June 2003, the exchange rate stood at US$1 = R7,38 compared with R8,66 at 31 December 2002 and R10,36 at 30 June 2002.

Notice is hereby given that interest at the rate of 6% per annum in respect of the six month period ending 30 June 2003 will be paid to holders of convertible debentures in the following companies as follows:

TRENCOR

27,3 CENTS PER CONVERTIBLE DEBENTURE

MOBILE

6,75 CENTS PER CONVERTIBLE DEBENTURE

The salient dates pertaining to the interest payments are as follows:

Last day to trade cum the interest payment

Thursday 12 June 2003

Trading commences ex the interest payment

Friday 13 June 2003

Record date

Friday 20 June 2003

Payment date

Monday 30 June 2003

Interest cheques, dated 30 June 2003, in respect of certificated debenture holders, will be posted on or about Monday, 23 June 2003. The convertible debenture certificates may not be dematerialised or rematerialised between Friday, 13 June 2003 and Friday, 20 June 2003, both days inclusive.

BY ORDER OF THE BOARDS : TRENCOR SERVICES (PTY) LTD SECRETARIES28 MAY 2003

Trencor Limited’s 61% US-based subsidiary, TrenStar Inc, announced in New Orleans today at the Craft Brewers Conference & Brew Expo America that Canada’s Sleeman Breweries Ltd is the 100th brewer to select its MicroStar Keg Management LLC unit to acquire kegs and provide keg management services in the United States. MicroStar Keg Management is the fourth largest keg owner in the United States behind Anheuser-Busch, SABMiller and Coors.

Beginning in May 2003 MicroStar will make kegs available to Sleeman on a “per-fill” fee basis under a five-year keg management agreement.

Sleeman’s Managing Director of US Operations John Driggers said “MicroStar will allow Sleeman to introduce Canada’s premier craft brewery to the United States with no limitations on geographic markets, no empty keg retrieval challenges and no need for new capital budgeting. Sleeman will use MicroStar kegs to support a focused summer roll-out in nine states.”

“By outsourcing keg management, brewers can concentrate on their core business, expand operations and save money on every keg sold” said TrenStar’s North American Operations Director David Webster. “While we have quietly established ourselves as a proven solution for North American brewers since 1996, at the same time our keg management model has grown globally, attracting worldwide attention.”

MicroStar owns more than a quarter of a million kegs for distribution in the United States. The fleet includes half-barrels and 5.16-gallon or “sixth barrel” kegs, the industry’s fastest growing container for draft beer sales. MicroStar’s keg management solution has been proven for customers including Anchor, Brooklyn, Bulmers Cider, FX Matt, Goose Island, Great Lakes, Jacob Leinenkugel, Shipyard and Widmer Brothers.

TrenStar group companies own and manage a proprietary fleet that includes an additional three million kegs in the United Kingdom. The keg fleets were purchased in 2002 when mobile asset management operations began for two of the largest brewers in the region, Scottish Courage Breweries and Carlsberg-Tetley Brewing Company Limited. TrenStar’s outsourcing operation in the United Kingdom offers a supply chain solution for brewers that combines advanced RFID technology and keg management expertise. Asset pooling which is a key feature of the operation will result in lower capital requirements, reduced operating costs and higher service levels for participants. The United Kingdom’s ratio of draft to packaged beer is 60 percent draft as compared to 10 percent in the United States.

This article below is an extract from the April 2003 issue of Global Logistics & Supply Chain Strategies, one of the leading US supply chain publications for top logistics professionals and perceived to be authoritative in the industry in the USA. It was written by Greg Cronin, President and CEO of TrenStar Inc, a global provider of mobile asset management solutions to companies using containers to move raw materials, work-in-progress and finished goods. TrenStar is based in Englewood, Colorado, and is 61% owned by Trencor.

"Mobile assets disappear like socks in a dryer. Wouldn't it be nice if they cost as little to replace! Because most major companies make use of mobile assets to move their raw materials, work-in-progress and finished goods through the supply chain, mobile asset loss is a pervasive problem. Losing these mobile assets - beer kegs, intermediate bulk containers, cages, stainless steel containers etc - or their more valuable contents, costs companies millions of dollars per year. If you factor in the impact of expedited transportation costs, increased asset management fees and investments in IT to improve data management, the cost of mismanaging an asset-intensive supply chain can be huge. Even worse, poorly managed mobile asset fleets will eventually result in poor customer service. Companies today are looking for ways to improve mobile asset management to achieve an improved balance sheet and income statement. It's dawning on companies from varied asset-intensive industries that outsourcing mobile asset management to a provider of an integrated solution would make the most sense.

Mobile asset management is a non-core business process for most companies. Outsourcing this function hasn't traditionally been the ideal answer. That's because the typical third-party logistics providers of mobile asset services have been offering only partial, typically non-technical solutions. By not taking over ownership of the assets themselves, 3PLs take possession of the costly/inefficient logistics part of the problem but don't really offer an integrated solution that extends the life of the mobile asset or that improves asset utilization. The typical 3PL cost-plus fee structure actually encourages supply-chain inefficiency, the very thing that clients want to avoid. Asset renters also fail to provide a comprehensive solution. They typically provide assets on a daily rental basis, so the slower the "turn" of the asset the larger the invoice they mail each month. Asset renters have no incentive to upgrade their archaic technology capability to track assets because missing assets add to the bottom line.

Some companies seeking to improve management of their mobile assets decide to seek their own IT solutions. This approach has also delivered mixed results. The average IT investment is usually quite large and is required up front, well before any value is realized, and is not an attractive option in today's economy. Plus there are few (if any) software providers who also have the hardware required to support a mobile asset-intensive supply chain. This means companies have to weave together their own solutions from multiple software and hardware providers. Even when the IT obstacle is overcome, traditional software business systems available do not track assets or asset content suitably.

Recurring problem

Most companies in asset-intensive industries just want the whole asset and asset management problem to go away, leaving them to focus on their core competencies. But year after year the problem resurfaces, and for many companies it gets worse each year. For one thing, they have to comply with an increasing number of regulations. In Europe, for instance, new environmental regulations are affecting soda manufacturers. Traditionally these manufacturers have been distributing soda concentrate in bulk by using bag-in-a-box containers that take a very long time to decompose in landfills. Several European countries are considering legislation to force beverage companies to use more expensive stainless steel canisters as a replacement. Conceivably they will have to invest in these high-value mobile assets and the technologies to track them.

For another thing, the globalization of supply chains makes it more difficult for companies in asset-intensive industries to take strict security measures. They need to be able to track the physical status of the asset and be alerted if it does not arrive with its content intact. There is a serious need for innovative container tracking software that would give them complete global visibility of assets and their contents, and a serious desire for an overall solution that would positively impact both the balance sheet and the P&L. In response to these and other market demands, there is a new mobile asset business model that offers a single source for an integrated solution.

For the first time, companies can wash their hands of the whole business of owning and maintaining mobile assets. They can sell their assets to a neutral third-party with deep domain expertise in asset management (consulting, acquisition, financing, maintenance, repair), logistics services (supply-chain design, demand planning, warehousing, transportation, carrier management, invoicing) and deployment of leading supply-chain technologies (asset/content tracking, demand planning, optimization, data capture, integration, decision support). They then rent back the assets from the neutral third-party on a per-use (rather than a per-day) basis. It's a fetching proposition for the client. Costs are reliable and predictable. No annual capital drains are required to buy new mobile assets. The supply chain becomes optimized. Operating costs and service levels improve, and they are free to focus on core competencies.

Initially this new business model results in the optimization of the mobile assets for an individual company. Because it also offers the sourcing of common, non-competitive activities and assets of multiple companies from a single provider who can do it for a lower average cost, supply-chain optimization for an entire industry becomes possible. The pooling of common assets helps lower costs for all companies involved in the asset pool. Without industry pooling of mobile assets each company must duplicate the entire supply chain. Membership in an industry pool requires a serious shift in the way things are done today, but the rewards of sharing mobile assets with competitors and letting a neutral third-party run the operation are enormous. As more companies join the pool, average variable costs decrease and fixed costs are leveraged over more participants. This average variable cost advantage drives additional members into the pool and provides an effective barrier to entry for any company trying to start a competing pool. Best-of-breed technology and assets, cost-prohibitive individually, now become available to pool members.

Accuracy & efficiency

The European brewing industry, for example, could reasonably expect inventory, order and tracking accuracy to improve to 98 percent or greater (from an industry standard of 85 percent to 90 percent). Accuracy in fleet inventory, transportation routing, order, source ingredient (lot code) audit, and asset maintenance (which would prolong the life of the asset) could be expected. Greater keg optimization and utilization would occur, which would translate into less spoilage and waste (an estimated 75 percent improvement or greater) and a reduction in keg inventory (up to 25 percent). Brewers would enjoy cost reductions in operational staff, handling labor charges, 3PL charges, and charges for keg purchasing, maintenance and storage. Significant savings would be in transportation costs (a conservative estimate is a 50 percent or greater reduction). Also, the industry would be more efficient. Kegs would be turned faster (the product would move an estimated 25 percent faster through the supply chain). Moreover, there would be much greater cost predictability with a long-term per-use fee structure, and a centralized system offers a greater economy of scale. With collaborative sharing of logistics information, there would be integration with trading partners and improved planning and execution for all pool members.

The new mobile asset management business model delivers pooling in a phased process. During the first phase the 3PL maintains the current logistics environment for each company and management of its asset fleet. The 3PL acquires the asset, implements the supply-chain technology (installs RFID and scanning, and implements tracking, training, operation and maintenance of the system), assumes the maintenance of the asset and any outside storage requirements, and provides different types of services for each member (sorting, inspecting, etc.). During the second phase, asset sub-pooling and centralization of operations begin. The third phase completes industry pooling, whereby the neutral 3PL becomes the responsible party controlling and managing the centralized logistics network for the participating members. The results of pooling would be to create an environment where non-pool members would be at a significant cost disadvantage compared to those in the asset pool. As more companies join the pool, savings grow at an accelerating rate. But even without pooling, a company in an asset-intensive industry can optimize their own mobile assets. Companies willing to divest ownership of the assets and management process in exchange for value-added financing, services and information can expect significant improvements in things like overall accuracy, efficiency, operating costs and service levels. The cost of mobile asset management becomes based on an efficient outsourced operation where there is shared risk and reward, and pooling as a viable industry initiative would only increase total efficiency.

The market demanded and got a more sensible solution to manage mobile assets. No more need to blame the dryer; no constant need to replace socks."

TRENCOR TRADING INCOME ON THE RISE, BUT STRONGER RAND KNOCKS EARNINGS10 March 2003

Trading income from Trencor Ltd’s mainly core dollar-denominated operations showed an improving trend to R563 million for the year to 31 December, compared to trading income for the 18 months to the end of 2001 of R616 million. However, the significantly stronger rand took its toll, resulting in an undiluted headline loss per share of 230 cents.

Undiluted headline earnings at the end of 2001, when a change of financial year led to an 18 month reporting period and boosted by the collapse of the rand at the end of 2001, were 465 cents per share.

Executive chairman Neil Jowell said the influence of the stronger rand on the translation of dollar-denominated long-term receivables and the related provision resulted in a net pre-tax loss of R455 million. Trencor reported a R1,15 billion profit for the 18 months to 31 December 2001.

“The rand weakened from R6,78 to R12,06 to the US$ in the 18 months to 31 December 2001. By 31 December 2002, it had recovered to R8,66 to the US$,” said Jowell. “The effect of this was an unrealised exchange gain on the translation of long-term receivables, net of provisions, of R1,2 billion in 2001 while, during the last year, a net R870 million of this gain has effectively been reversed.”

The board had decided not to declare a dividend.

Jowell said there was some benefit from the stronger rand. “It has resulted in a gain of R85 million on translation of the outstanding balance of US dollar loans, most of which were raised by the company during the year to repay rand obligations to South African lenders. The amount outstanding under this facility at 31 December was US$48,3 million and the interest rate was 3,55% a year.”

Discussing trading, Jowell said subsidiary Textainer, the world’s largest lessor of marine dry freight containers, performed well, particularly in the second half during which its contribution to group earnings amounted to R88 million. It contributed R124 million for the full year.

“Textainer’s container fleet utilisation at the end of the year was 89%, compared to 71% in 2001. The fleet under management totalled 962 000 units at the end of the year, of which more than half were leased out under long-term leases. By the end of January 2003, the fleet under management exceeded one million units. Of the 462 600 units owned by Textainer itself, 77% are in long-term leases.”

Jowell said TrenStar Inc, the 61% US subsidiary, successfully established its international business activities in supply chain management, particularly in the US and the UK.

“It opened up new opportunities for TrenStar SA, formerly Trencor Solutions, to export equipment manufactured by itself and others in South Africa. We expect TrenStar to start contributing positively to earnings in 2003 after having absorbed significant start-up costs in 2002.”

“In 2002, TrenStar, through Brewers Logistics International Ltd, its 75% UK subsidiary, bought the beer keg fleets of the UK breweries Scottish Courage Ltd and Carlsberg-Tetley Brewing Ltd for a 42% share of the UK beer keg market. That should rise to 65% on the successful conclusion of pending negotiations with other breweries within the UK.”

Jowell said these transactions had been fully debt-funded by UK banks at reasonable rates without any monetary guarantee from, or other recourse against, Trencor or TrenStar.

He said production at Trencor’s stainless steel tank container manufacturing plant in Cape Town increased steadily during the year. “We have started 2003 with our best forward order position for some time. The stronger rand has put pressure on margins and sales, but the plant operated satisfactorily during the last year.”

“The trailer business, in which the group now has a 40% interest, traded satisfactorily during the year and contributed positively to group earnings. This is in pleasing contrast to the R27 million loss reported in the prior period.”

Jowell said the ratio of interest-bearing debt to permanent capital increased from 173% at the end of 2001 to 205% in 2002, mainly as a result of increased borrowings to fund the beer keg purchases.

“However, with Textainer and BLI notionally equity accounted, and their debt is without recourse to Trencor, this ratio was 38% compared to 41% at 31 December 2001.”

Jowell said it was not possible to anticipate when the enquiry by the South African Revenue Service into the tax treatment of export partners’ participation in the export of cargo containers, now in its fifth year, would be concluded. “We remain confident that the legal advice we have received will prevail should SARS seek to challenge the tax treatment.”

Mobile Industries Ltd whose net income depends primarily on dividends from its holding in Trencor, reported an undiluted headline loss per share of 18,2 cents. No dividend was declared.

Trencor Limited’s 61% subsidiary, TrenStar Inc, a global leader in mobile asset management solutions, announced today at Automotive Excellence 2003 that the South African operations conducted through its associate, Trencor Solutions, have taken on a new moniker: TrenStar South Africa. The new name for the Johannesburg-based company reflects the international presence and broader scope of operations of TrenStar combined with the technology and expertise of the newly named South African company in the automotive industry.

TrenStar is headquartered in Denver, Colorado, and helps companies in asset-intensive industries improve the performance of their supply chains while reducing capital and operating expenses. TrenStar does this by combining physical asset management, logistics services and supply chain technology with a range of asset financing alternatives. TrenStar South Africa, or TrenStar SA for short, has world-class container management software and a strong presence in the South African automotive industry, with customers that include Ford, Volkswagen, DaimlerChrysler, Toyota, Delta (of GM) and Nissan.

“It was important to us to announce the name change at this conference, since we have many years of experience in the automotive industry, and many of our customers are here today,” said Len Whittal, Managing Director of TrenStar South Africa. “We’re the same company, but with a new name that is more indicative of our international capability.”

“The name TrenStar South Africa reflects the global reach of TrenStar, a company whose team of experts has built complex, top-notch supply chains, managed millions of high-value, physical assets and developed the technology that makes both of these things easier for a company,” said Greg Cronin, CEO of TrenStar. “The South African team expands our technology capability in container management, while providing deep expertise in the automotive and mining industries.”

Notice is hereby given that interest at the rate of 6% per annum in respect of the six month period ending 31 December 2002 will be paid to holders of convertible debentures in the following companies as follows:

TRENCOR

27,3 CENTS PER CONVERTIBLE DEBENTURE

MOBILE

6,75 CENTS PER CONVERTIBLE DEBENTURE

The salient dates pertaining to the interest payments are as follows:

Last day to trade cum the interest payment

Thursday 12 December 2002

Trading commences ex the interest payment

Friday 13 December 2002

Record date

Friday 20 December 2002

Payment date

Tuesday 31 December 2002

Interest cheques, dated 31 December 2002, in respect of certificated debenture holders, will be posted on or about Friday 20 December 2002. The convertible debenture certificates may not be dematerialised or rematerialised between Friday 13 December 2002 and Friday, 20 December 2002, both days inclusive.

BY ORDER OF THE BOARDS : TRENCOR SERVICES (PTY) LTD SECRETARIES28 NOVEMBER 2002

Mr AM Brown has resigned as a director with effect from 19 November 2002 and Mr JE Hoelter, a US resident and former President and CEO of Trencor’s 74% offshore subsidiary, Textainer Group Holdings Limited, has been appointed as a non-executive (independent) director effective 2 December 2002. Mr Hoelter is a non-executive director of Textainer and TrenStar Inc and has over 30 years experience in the international container industry.

TRENCOR IN R400 million BEER KEG DEAL WITH ANOTHER TOP UK BREWER16 September 2002

In a R400 million deal TrenStar Inc, a 61% US-based subsidiary of Trencor Limited, has bought the entire beer keg fleet (over one million containers) of Carlsberg-Tetley Brewing Limited, a major beer brewer in the UK and a wholly-owned subsidiary of Carlsberg Breweries A/S of Copenhagen, the fifth largest brewing group in the world. TrenStar will manage and make the kegs available to Carlsberg-Tetley under a container services agreement for a period of 15 years. The fleet purchase, which will be completed in three phases, was funded by a major UK bank, ring-fenced to the special purpose subsidiary now owning the kegs and thus without recourse to TrenStar or Trencor.

This transaction follows on the earlier similar transaction, announced in May 2002, in terms whereof TrenStar acquired the entire keg fleet of Scottish Courage Limited, the UK’s leading brewer and part of Scottish & Newcastle plc, one of the largest brewers in Europe.

“These two transactions together mean that TrenStar has positioned itself to become the owner and manager of the first-ever high-value asset pool to be shared by major competitors in the beer industry” says Hennie van der Merwe, Trencor executive director. “The planned TrenStar keg pool will allow competing European brewers the opportunity to share common keg assets and common supply chain components and activities. As a result, they benefit through improved return on capital, lower and more predictable operating costs and improved customer service levels. Additionally, since TrenStar will purchase and take ownership of the kegs in the pool, significant capital is freed for pool participants to use for other, more strategic purposes.”

The European brewing industry will be the first asset-intensive industry to validate TrenStar’s unique asset pooling solution that combines proven technology and keg management experience with supply chain operational excellence.

“As one of the largest brewers in the UK, Carlsberg-Tetley has a vision of being simply the best in brands, service, people and costs. Carlsberg-Tetley has invested millions in new technology and modernizing and streamlining its breweries to improve capacity and efficiency and is pleased with its new partnership with TrenStar. We believe the TrenStar partnership will support our overall strategic direction and will help to further strengthen Carlsberg-Tetley’s position in the UK,” says Andrew Caswell, Carlsberg-Tetley’s Strategic Planning Director.

Greg Cronin, TrenStar’s CEO explains: “Costly returnable assets, like stainless steel kegs, which have real, intrinsic or strategic value often require large cash investments to purchase and additional IT investments to track and manage. Many companies in asset intensive industries are realizing that they can join asset pools with competitors and greatly reduce their cost structure while not losing any strategic advantage. They are realizing that joining a neutrally owned and managed asset pool will offer competitive advantage over those competitors that don’t join. Our European keg pool will represent the first industry asset pool but we are well on our way to developing asset pool solutions for other industries including the automotive, chemical and food industries.”

Neil Jowell, Executive Chairman of Trencor, said the transactions would not contribute materially to earnings in the current year. “However, the creation of industry pools of high value assets managed by Trencor subsidiaries as neutral and reliable suppliers is expected to become a significant component of the Trencor group’s hard currency earnings, adding to that from subsidiaries such as Textainer, the world leader in dry freight marine container leasing”, he added.

TrenStar, which operates in the USA as well as the UK and Australia, and Trencor Solutions in South Africa provide solutions for supply chain execution, automatic data collection, management and integration of returnable assets of the supply chain for the beverage, food, chemical, automotive and other asset-intensive industries.

Trencor Ltd today reported a 61% increase in trading income from operations to R261 million from R162 million, but a stronger rand took its toll, pushing the group to a net attributable loss of R212,6 million for the six months to 30 June.

The group which derives much of its revenue in hard currency, mainly dollars, through a focus on the international container industry, had headline earnings of 471,9 cents per share for the 18 months to December 2001 when there was a 44% decline in the value of the rand against the US$.

The undiluted interim headline loss per share was 141,2 cents, compared to headline earnings of 66,7 cents per share for the same period last year.

The group said the interim loss flowed from the appreciation of the rand over the six months from R12,06 to R10,36 to the US$.

Executive chairman Neil Jowell said the main factor behind the loss was a net downward adjustment of R394 million in the translation of the present value of the dollar-denominated long term receivables. Part of the exchange gains recognised last year in the translation of the net receivables had now been reversed. This resulted in a loss of R664 million, but the rand equivalent of the net dollar denominated provision was reduced by R270 million.

Jowell said fleet utilisation at subsidiary Textainer, a global leader in marine container leasing, had been improving steadily from a low point of just under 71% in March to more than 80% currently.

“Textainer incurred significant costs in repositioning empty containers into areas of demand in the interim period, but the benefits of this will mainly be felt in the second half of the financial year.”

He said Textainer contributed R36 million to interim earnings, compared to R49 million last year.

TrenStar Inc, Trencor’s 61% owned US subsidiary which offers services and returnable packaging assets for the supply chain, made excellent progress during the first half of the financial year, Jowell said.

“It achieved a breakthrough when it acquired, for some R1 billion, the entire beer keg fleet of Scottish Courage, a major UK brewer, through its 75% owned subsidiary, Brewers Logistics International Limited (BLI). TrenStar will now make available and manage the fleet of 1,9 million kegs under a 15-year container services agreement with Scottish Courage.

“Negotiations with a second large brewer to enter into a similar transaction, with another substantial fleet of kegs, should be concluded soon. In both instances, the purchase of the kegs is 100% funded by UK banks. As is the case with the borrowings of Textainer, all of the borrowings of BLI are ring-fenced and without recourse to Trencor, or to TrenStar.

“These transactions will not contribute materially to earnings in the current year.”

TrenStar also succeeded in securing new contracts with major companies in the food and automotive industries in the US.

He said Trencor Solutions, whose activities in South Africa are similar to those of TrenStar, was approaching breakeven.

The order intake for Trencor’s stainless steel tank container manufacturing facility at Parow, near Cape Town, had improved and there appeared to be signs of an improvement in trading conditions in this industry.

The trailer business, in which the group has a 40% interest, traded satisfactorily and made a positive contribution to group earnings.

Jowell said it was not possible to anticipate when the enquiry by the South African Revenue Service into the tax treatment of export partners’ participation in the export of cargo containers, for transactions entered into in prior years, would be concluded.

Mobile Industries, which owns 47% of Trencor, reported an undiluted headline loss per share of 11,3 cents for the six months to 30 June. Interim headline earnings last year were 5,5 cents per share.

STRATE: EXPIRY OF THE DISPOSSESSED MEMBER’S FUND IN SEPTEMBER 200222 August 2002

Holders of securities in Trencor and Mobile are reminded that STRATE, the electronic settlement system for securities on the JSE Securities Exchange South Africa (“JSE”), requires all paper (share and debenture) certificates to be converted into an electronic format (dematerialisation) before they can be traded on the JSE and settled in STRATE.

Despite the efforts of the Central Securities Depository Participants (“CSDPs”), JSE brokers and other initiatives, it appears that many holders are still unaware of the importance of converting their certificates into an electronic record.

We therefore urge all holders of securities in Trencor and Mobile who have not yet dematerialised their holdings to do so by surrendering their paper certificates to a selected CSDP, bank or broker before 29 September 2002.

On 29 September 2002 the insurance cover provided by Lloyds of London to the Dispossessed Member’s Fund (DMF) terminates. The DMF, which was established by all listed South African companies and shareholders, the JSE/brokers, the CSDPs and STRATE, was put in place to cover loss or claims arising from any tainted certificates that may exist in the market place. You might therefore place yourself at risk, should you not dematerialise your certificates prior to the deadline and they are later found to be invalid or tainted.

Should you not have a CSDP or broker, please contact the STRATE Share Care Line on 0800 200 797 or alternatively contact Computershare Investor Services on 086 110 0933 for advice and assistance.

Notice is hereby given that interest at the rate of 6% per annum in respect of the six month period ending 30 June 2002 will be paid to holders of convertible debentures in the following companies as follows:

TRENCOR

27,3 CENTS PER CONVERTIBLE DEBENTURE

MOBILE

6,75 CENTS PER CONVERTIBLE DEBENTURE

The salient dates pertaining to the interest payments are as follows:

Last day to trade cum the interest payment

Wednesday 12 June 2002

Trading commences ex the interest payment

Thursday 13 June 2002

Record date

Thursday 20 June 2002

Payment date

Friday 28 June 2002

Interest cheques, dated 28 June 2002, in respect of certificated debenture holders, will be posted on or about Monday, 24 June 2002. The convertible debenture certificates may not be dematerialised or rematerialised between Thursday, 6 June 2002 and Thursday, 20 June 2002, both days inclusive.

BY ORDER OF THE BOARDS : TRENCOR SERVICES (PTY) LTD SECRETARIES 29 MAY 2002

Further to the announcement published on 10 December 2001 regarding the refinancing of Trencor’s South African banking facilities, Trencor and Mobile are pleased to announce that Trencor has elected, in terms of the arrangements with its South African and foreign bankers, to procure a draw down under the US dollar denominated Letter of Credit (“LC”) provided by its two foreign banks and, from the proceeds, to repay its financial indebtedness to its South African banks in full.

The combined effects of the changing value of the rand against the dollar and the interest rate profiles in South Africa and the US respectively made it beneficial for Trencor to have these borrowings in US dollars.

An amount of $56 385 000 was drawn down under the LC facility on 9 May 2002. The amount drawn down is repayable in fourteen quarterly instalments of $4 027 500 each commencing on 20 July 2002 with the final instalment payable on 20 October 2005. The outstanding balance bears interest at LIBOR plus 1,825% per annum; the current effective interest rate payable on the loan is 3,66% per annum.

In a R1 billion deal ranked as one of international industry’s major mobile asset management projects, TrenStar Inc, a 61% US-based subsidiary of Trencor Ltd, has bought the entire beer keg fleet of Scottish Courage Limited, the UK’s leading brewer and part of Scottish & Newcastle plc, one of the largest brewers in Europe.

It will now make available and manage the fleet of 1,9 million kegs for Scottish Courage under an ongoing 15-year container services agreement, Neil Jowell, Trencor’s executive chairman, said today. “Scottish Courage, as acknowledged leader in keg tracking and management systems, is a natural choice of partner for expanding TrenStar’s asset and information and management solutions into this innovation in keg fleet management.”

Hennie van der Merwe, Trencor executive director, said a special purpose entity owned 75% by TrenStar bought the fleet and ancillary equipment from Scottish Courage. The acquisition was 100% funded by a major UK bank, ring-fenced to the special purpose entity and thus without recourse to TrenStar or Trencor.

“The transaction is the first of its size and nature in the UK.” Van der Merwe said. “It establishes TrenStar as a significant provider of financial, technology and management services solutions in the European brewing industry.

“TrenStar views the transaction as a springboard for an industry-wide pool of beer kegs, owned and managed by TrenStar companies, and used by UK and European brewers, thus enabling them to reap the cost benefits of greater efficiencies and economies of scale. Scottish Courage fully supports this concept and negotiations with other brewers are at an advanced stage.”

Jowell said the transaction would not contribute materially to earnings in the current year. It was however anticipated that the expansion of the transaction into an industry pool of kegs would become a significant component of the Trencor group’s hard currency earnings, adding to that from subsidiaries such as Textainer, the world leader in dry freight marine container leasing.

Van der Merwe said the deal was an important validation of the TrenStar business model of providing container management technology solutions and operational services on a per use fee basis. “In terms of the agreement with Scottish Courage, the fleet will be made available to the brewer on a “per fill” fee basis. This new operating model represents a significant improvement in efficiencies compared to the traditional “rent per day” business model currently used by asset management providers.”

TrenStar, which operates in the USA as well as the UK and Australia, and Trencor Solutions in South Africa provide solutions for supply chain execution, automatic data collection, management and integration of returnable assets of the supply chain for the beverage, food, chemical, automotive and other asset-intensive industries.

Trencor is in discussions with the JSE Securities Exchange South Africa as to whether any disclosures under the JSE Listings Requirements are necessary in respect of this transaction. Holders of securities in Trencor and Mobile Industries Limited are advised to exercise caution in dealing in Trencor and Mobile securities until these discussions have been completed.

A 44% decline in the value of the rand against the US$ over the 18 months to 31 December 2001, boosted Trencor Ltd’s income before tax and abnormal items to R1,07 billion for the period.

Trencor which has changed its year-end from June to December, had a loss of R66 million for the previous annual reporting period, the year to June 2000. Headline earnings for the 18 months to December 2001 were an undiluted 471,9 cents per share, as against 165 cents per share for the 12 months to June 2000.

Executive chairman Neil Jowell said revenue for the 18 months was R4,4 billion, including exchange gains of R2,1 billion. It was important to note, he said, that at present every 1c change in the R/$ exchange rate translated into an approximate 1c change in earnings per share.

The results were based on a US$ rate of R12,06 at 31 December, as against R6,78 on 30 June 2000.

“Cognisance must be taken of the effect of the decline in the exchange rate. Much of the 44% decline in the value of the rand over the period occurred in November and December 2001. This gave rise to a foreign exchange gain on the revaluation of the net present value of the long-term receivables amounting to R2,1 billion. In compliance with GAAP, this gain has been included in income before tax.”

Jowell said the board had decided not to declare a dividend because a large part of earnings relating to the revaluation was only due to be realised over some years.

“Furthermore, given the difficult times in the container leasing industry, we believe it is in the group's interest to conserve cash and reduce borrowings.”

It was deemed prudent to take into account the effect that the tough trading conditions might have on the collectibility and timing of receipt of the long-term receivables. The aggregate increase in the net present value of the provision, net of amounts attributable to third parties, was R1,1 billion of which approximately R200 million was attributable to the increase in the dollar provision and R900 million to the decline in the exchange rate.

There was an additional R88 million charge against pretax income arising from a reduction in the discount rate on the rand amounts of the long-term receivables attributable to export partners.

Jowell said Textainer, the subsidiary which is the world’s largest lessor of dry freight marine containers, traded well in difficult conditions and contributed R166 million to headline earnings.

“Utilisation of Textainer's fleet of dry freight marine containers remains low, albeit stable, at about 71% and shows little sign of improvement. During 2001, Textainer completed three successful financings totalling US$595 million. These funds will be used to retire existing debt and finance further additions to its container fleet.”

He said that by December 31, 2001, Textainer's fleet under management amounted to 940 000 TEU (twenty foot equivalent units) of which 45% were leased out under long-term leases. Some 68% of Textainer's owned fleet of 403 000 TEU were in long-term leases, which provided a buffer against short-term fluctuations in utilisation.

The stainless steel tank container factory at Parow, near Cape Town, faced with the continuing weak worldwide demand for these units, traded below break-even during the period.

TrenStar Inc, the US based 61% subsidiary, created through the merger of the intellectual property and fledgling offshore subsidiaries of Trencor Solutions (South Africa) with the MicroStar Group in Colorado, had acquired 100% of KTP Ltd in the UK last December.

TrenStar was now active in the USA, UK and Australia in providing asset-based financing, management services, information technology and technology integration for the returnable assets of the supply chain (such as beer kegs, intermediate bulk containers and other portable assets primarily for the beverage, food, chemical and automotive industries).

During the period, Trencor Solutions and TrenStar incurred losses due to the start up stage of their businesses, but were expected to start contributing to group earnings this year.

Jowell said the inquiry by the South African Revenue Service into the tax treatment of the group's export partners' participation in the export of cargo containers (in respect of transactions entered into in prior years) continued. It was not possible to anticipate when it will be concluded.

Mobile Industries Ltd whose main investment is its stake in Trencor, reported undiluted headline earnings for the 18 months to 31 December 2001 of 38,4 cents per share, as against 13,5 cents per share for the 12 months to June 2000. No dividend was declared.

Mr Gavan Ryan, who joined the board on 8 November 1996, after Coronation Holdings Limited acquired a strategic shareholding in Mobile (which was subsequently distributed in specie to Coronation shareholders), resigned from the board effective 6 March 2002.

Further to the announcement made on 25 October 2001, holders of securities in Trencor and Mobile are advised that the Competition Commission has given unconditional approval for the merger of the Trailer Division of Trencor’s wholly-owned subsidiary, Henred-Fruehauf Trailers (Pty) Ltd, with the businesses of ADF Holdings (Pty) Ltd and its subsidiaries (known as “SA Truck Bodies”) into a single new entity. As a result, the merger took effect from 1 December 2001.

Trencor and Mobile are pleased to announce that Trencor has concluded the effective refinancing of existing funding facilities extended by its South African banks (the existing facilities were announced on 21 November 2000 and detailed in the annual report in respect of the year ended 30 June 2000).

This refinancing has been achieved through securing these funding facilities by means of a US Dollar denominated Letter of Credit (“LC”) provided by two foreign banks who are bankers to Textainer Group Holdings Limited (“Textainer”), Trencor’s 74% offshore subsidiary. In addition, the US$ loan taken up by the Trencor Group from its South African banks in 1998 to finance the acquisition of an additional 24% of Textainer, has been repaid from facilities extended by these foreign banks.

In view of the security afforded by the LC, the South African banks have agreed to revised terms that are more favourable to Trencor than those that applied previously. The undertakings and banking covenants previously agreed to by Trencor have been cancelled and, save in respect of asset-based financing, most of the securities provided in relation to the facilities have been released. Trencor has provided the foreign banks with a pledge over the shares held by it in Textainer (previously pledged to the South African banks).

The LC arrangement will expire on the earlier of the date on which all local borrowings are repaid to the South African banks or 30 September 2005. It is anticipated that all South African banking facilities will be repaid by that date.

In order to provide for the event that the LC does not adequately cover the exposure of the South African banks, and to ensure that the Trencor Group will have sufficient working capital facilities in place, the new arrangements include a standby facility of R50 million from the South African banks which will be available in the event that a draw down under the LC occurs. This facility is secured by a pledge of certain assets.

Attention is drawn to the fact that Textainer and its subsidiary and associate companies continue to operate under their own facilities, with no recourse to Trencor.

TMCL issued two series of notes, Series 2001-1 and Series 2000-1, using a master indenture structure. The Series 2001-1 notes are floating rate term notes totaling US$300 million. These notes are guaranteed by MBIA Insurance Corporation and thus received “AAA”/”Aaa” ratings by Standard & Poor’s Ratings Services and Moody’s Investor Service Inc, respectively. Wachovia Securities was the lead underwriter and Fleet Securities Inc acted as co-lead underwriter. The notes were fully subscribed and were placed in a private offering with various institutional investors. The proceeds of the notes were used primarily to repay outstanding indebtedness. While the notes may be repaid earlier, the expected final payment date is November 2011 and the legal final payment date is November 2016. Wachovia, Fleet and Wells Fargo Bank have also provided TMCL with interest rate swaps to mitigate the risk of fluctuations in the floating rate index.

TMCL also re-issued the Series 2000-1 notes. These notes, structured by Wachovia and Fleet, provide funding of up to US$250 million. Drawdowns under these notes will be used to purchase additional marine cargo containers over the coming years. TMCL expects to refinance these notes within two years by issuing a new series of term notes under the master indenture.

Security for both the Series 2001-1 and Series 2000-1 notes consists primarily of a fleet of intermodal marine cargo containers on lease to various ocean-going shipping lines and an interest in the associated leases.

TL entered into a US$45 million revolving credit facility. The revolver was syndicated among Fleet, Wells Fargo and Fortis Bank, with Fleet acting as agent. The revolver will be used primarily for general corporate purposes.

Textainer was founded in 1979 and is in the business of leasing standard dry freight marine cargo containers to ocean-going shipping lines. It is the world’s largest lessor of standard dry freight marine cargo containers, with a fleet of almost one million twenty foot equivalent units (TEU). Textainer has been the industry’s most reliable supplier of containers due to its consistent new-building program, which has averaged 75 000 TEU per year for the last ten years. Over 300 customers, including virtually all of the leading international shipping lines, are served by Textainer’s offices and depots in more than 140 locations around the world.

Effective 1 December 2001, TPI Equipment Management Ltd, Trencor’s 35% London based associate engaged in the management and leasing out of tank containers, concluded an agreement with Exsif Worldwide Inc, the world’s largest lessor of tank containers, whereby Exsif assumed the management of the TPI container fleet on behalf of the owners of the equipment. This transaction was entered into because it would have been difficult for TPI to reach critical mass for some time under current weak market conditions.

Notice is hereby given that interest at the rate of 6% per annum in respect of the six month period ending 31 December 2001 will be paid to holders of convertible debentures in the following companies as follows:

TRENCOR

27,3 CENTS PER CONVERTIBLE DEBENTURE

MOBILE

6,75 CENTS PER CONVERTIBLE DEBENTURE

The salient dates pertaining to the interest payments are as follows:

Last day to trade cum the interest payment

19 December 2001

Trading commences ex the interest payment

20 December 2001

Record date

28 December 2001

Payment date

31 December 2001

Interest cheques, dated 31 December 2001, in respect of certificated debenture holders, will be posted on or about 21 December 2001. The convertible debenture certificates may not be dematerialised or rematerialised between Wednesday, 12 December 2001 and Friday, 28 December 2001, both days inclusive.

BY ORDER OF THE BOARDS : TRENCOR SERVICES (PTY) LTD SECRETARIES 30 NOVEMBER 2001

Holders of securities in Trencor and Mobile are advised that the boards of directors of Trencor and its wholly-owned subsidiary, Henred-Fruehauf Trailers (Pty) Ltd (“Henred”), have agreed in principle to merge the Trailer Division of Henred with the businesses of ADF Holdings (Pty) Ltd (“ADF”) and its subsidiaries (“SA Truck Bodies”) into a single new entity with effect from 1 November 2001.

The assets and liabilities of the Trailer Division and its personnel will be transferred, as a going concern, in exchange for a 40% interest in the merged entity, with corresponding board representation, and management control will effectively vest with ADF as 60% shareholder.

Apart from stemming past losses associated with the Trailer Division, the transaction will in the short term not have a material effect on Trencor. The Trencor board is of the opinion that the new merged entity will become a significant force in the Southern African trailer manufacturing and retailing industry. The merger creates a more sustainable operation with resultant reduction in cost, increased financial strength and a stronger asset base to operate within the local and foreign trailer markets.

The proposed transaction is subject to the necessary regulatory approvals.

Mr AM Brown has retired as an executive director of Trencor effective 1 October 2001. From that date his status changes to that of a non-executive director and he will consult to the group and assume certain duties as agreed from time to time.

Foreign exchange gains and profits on the sale of investments helped Trencor Ltd lift attributable income for the 12 months to June to R432,8 million, a turnaround from the R60,8 million loss last year.

Headline earnings per share improved to 183 cents from 165 cents. Undiluted earnings per share were 283,2 cents, against a loss of 39,8 cents last year when costs incurred through the closure of the dry freight marine container factory at Isithebe, KwaZulu-Natal, took their toll. Buoyed by a R573 million foreign exchange gain as a result of the further decline in the value of the rand against the US$, Trencor’s revenue topped R2 billion for the first time.

Income from continuing operations totalled R703,3 million (R644 million), the main contributors being container sales and financing (R473,5 million) and container leasing (R317,5 million), with losses being recorded by trailers and other operations.

Income for the business as a whole, before taxation of R77,2 million and abnormal income of R152,6 million, came to R398,8 million, against last year’s loss of R117, 5 million. The abnormal items included profits on the sale of investments in Waco International Ltd and in Centricity Inc, an Atlanta-based transportation and logistics business service provider and systems developer.

Executive chairman Neil Jowell said the further decline in the R/US$ rate necessitated a currency translation adjustment to the existing dollar-based provision against the net value of long-term receivables. Management deemed it prudent to futher increase this provision in view of current trading conditions in the global container leasing business, the total net adjustment coming to R198 million.

Jowell said the results were based on a rate of R8,07 to the US$, against R6,78 last year.

He said Textainer, the 74% subsidiary which is the world’s largest lessor of standard dry freight marine containers, contributed R114 million to headline earnings, 24% better than last year’s R92 million.

"Textainer's fleet utilisation, which declined from a high of 85% last September to stabilise at just over 73%, has not shown signs of improving, but management believes that the company is well positioned to take full advantage when the container leasing market starts to improve."

It was anticipated that the size of the container fleet under Textainer's management would reach one million TEU (twenty foot equivalent units) before the end of the current financial year in December. Trencor has extended its year-end to match that of Textainer and its current reporting period will be for the 18 months to December.

Jowell said the R75,5 million net gain on the realisation of its investment in Centricity stemmed from the exchange of its 40% shareholding for 546 757 shares in Descartes Systems Group Inc (a Canadian corporation listed on NASDAQ and the Toronto Stock Exchanges) valued at US$19,70 per share, the weighted average listed price over 20 days before conclusion of the contract.

"Descartes shares are currently trading at about US$7 per share, but the directors do not consider the diminution in value to be permanent."

Jowell said Trencor had concluded an agreement with a North American partner to develop internationally the current activities of Trencor Solutions in owning, managing and leasing returnable packaging equipment and providing technology and software solutions in transportation logistics.

"Earlier this month we concluded an agreement with MicroStar Logistics Inc to establish TrenStar Inc. This will be owned 66% by Trencor Solutions and the balance of 34% by MicroStar's shareholders. The business will be based in Denver, Colorado."

Jowell said the enquiry by the South African Revenue Service into the tax treatment of the group's export partners' participation in the export of cargo containers continued.

"It is not possible to anticipate when it will be concluded. We remain confident that the supportive legal advice we have received will prevail should SARS seek to challenge the tax treatment."

Mobile Industries Ltd whose main investment is a 47% stake in Trencor, reported income before taxation and abnormal items of R136,6 million for the 12 months to June, as against a loss of R25,6 million last year. Undiluted headline earnings per share for the 12 months to June were 15 cents (13,5 cents).

TRENCOR SOLUTIONS EXPANDS OFFSHORE WITH THE FORMATION OF TRENSTAR INC23 August 2001

Trencor Solutions (Pty) Ltd, a wholly-owned subsidiary of Trencor Ltd, has established TrenStar Inc, an international operation incorporating MicroStar Logistics Inc http://www.microstarlogistics.com. The newly formed entity will focus on the owning, management and leasing out of returnable packaging equipment and the provision of technology and software solutions in transportation logistics. TrenStar will be owned 66% by Trencor Solutions and the balance of 34% by MicroStar's previous shareholders, the Leede family of Denver, Colorado.

INTEREST IN CENTRICITY SWOPPED FOR A MINORITY STAKE IN DESCARTES4 July 2001

In July 2001, Trencor exchanged its 40% interest in Centricity Inc http://www.centricity.com for a minority shareholding in the Descartes Systems Group Inc, http://www.descartes.com, a Canadian company listed on the Toronto and NASDAQ stock exchanges, which provides a range of logistics software solutions across the world. In a separate transaction, Trencor also entered into a Network Partner Agreement with the Descartes Group that allows Trencor's operating companies to have access to Descartes' current and future transportation software products, networks and services. These transactions are in line with Trencor's strategic direction of investing, in addition to its holdings in asset owning, leasing and management companies in the transportation industry, in companies that provide information management systems and service products to the transportation industry.

CHANGE OF AUDITORS29 June 2001

The Boards of Trencor Limited and Mobile Industries Limited have resolved to appoint KPMG Inc as auditors to all South African group entities in the place of Arthur Andersen & Co effective 29 June 2001.

KPMG are auditors to the majority of our overseas subsidiaries and associates, whilst Arthur Andersen has been providing audit services to the Trencor and Mobile groups locally. It became necessary to appoint a single firm as auditors to the groups and both firms of auditors submitted bids for the appointment, which has been awarded to KPMG.

Buoyed by an excellent performance from subsidiary Textainer, the world's largest lessor of dry freight containers, and the impact of a strong dollar against the rand, Trencor Ltd lifted undiluted headline earnings per share from 15,2 cents to 116,3 cents for the six months to December.

In a period characterised by the sharp decline in R/US$ value and Textainer's contribution, Trencor recorded income before tax and abnormal items of R265 million after a loss of R395 million at the last interim stage arising largely from the closure of the dry freight marine container factory at Isithebe, KwaZulu/Natal.

Executive chairman Neil Jowell said the interim financial statements were based on an exchange rate of US$1=R7,56 at December 31, 2000 while the rate at June 30, 2000 was R6,78.

"The weaker rand resulted in a net increase in income before tax of R262 million," he said."There was a foreign exchange revaluation gain of R358 million, less an adjustment of R96 million arising from the translation of the existing dollar-based provision against the net long-term receivables."

Jowell said Textainer which had a fleet of 925 000 TEUs (twenty foot equivalent units) under management by the end of 2000, contributed R65 million to headline earnings."Textainer's fleet utilisation peaked at 85% towards the end of September 2000 but has been declining since November, partly due to the economic slowdown in the USA. It ended the year at 82%, the same as 1999, and is currently just below 80%."

"The stakbed container factory at Montague Gardens in Cape Town was closed at the end of December, incurring closure costs amounting to just under R7 million. Production of stainless steel tank containers at the Parow plant continues, albeit on a reduced scale, and remains under constant review."

Jowell said Textainer had entered into a joint venture with an overseas financial institution with the formation of a new financing entity, Textainer Marine Containers Limited (TMCL).

"TMCL, in which Textainer and the institution each hold a 49,99% interest, is a vehicle for purchasing new containers that will be managed by Textainer. The debt in TMCL, which is provided by overseas financial institutions, is without recourse to Textainer. Virtually all of the capital expenditure in this period was incurred in TMCL by Textainer."

He said the ratio of Trencor's consolidated interest-bearing debt to the sum of total shareholders' funds and convertible debentures decreased from 165% at June 30, 2000 to 141% by the end of December. With Textainer notionally equity accounted (its debt is without recourse to Trencor), this ratio at December 31, 2000 was 43% compared to 62% at June 30, 2000.

He said R224 million of rand-denominated debt was repaid during the period under review. Borrowings denominated in dollars, principally in Textainer, were also reduced, but were higher when translated into rand because of the weaker exchange rate. In the same period, Trencor shareholders' equity increased by R311 million to R1,67 billion.

Trencor achieved a net non-trade gain of R88,6 million from two transactions - the sale of the group's interests in Waco International Limited for a net capital gain of R94,1 million and the write-off of the premium of R5,5 million over net asset value paid on the acquisition of shares in Dynanet, whose business complements that of Trencor Solutions.

Jowell said it was not possible to anticipate when the enquiry by the South African Revenue Service into the tax treatment of the group's export partners' participation in the export of cargo containers (in respect of transactions concluded in prior years) would be concluded.

"We remain confident that the supportive legal advice we have received will prevail should SARS seek to challenge the tax treatment."

Mobile Industries whose major investment is a 47% interest in Trencor, reported undiluted interim headline earnings per share of 9,5 cents, against 1,4 cents at the last interim stage.

Notice is hereby given that interest at the rate of 6% per annum in respect of the 6 month period ending 31 December 2000 will be paid to holders of convertible debentures registered as such on 8 December 2000 in the following companies as follows:TRENCOR 27,3 CENTS PER CONVERTIBLE DEBENTUREMOBILE 6,75 CENTS PER CONVERTIBLE DEBENTURE

The transfer books and registers of the convertible debentures will not be closed. Interest cheques, dated 31 December 2000, will be posted on or about 20 December 2000.

BY ORDER OF THE BOARDS :TRENCOR SERVICES (PTY) LTDSECRETARIES17 NOVEMBER 2000

Buoyed by a strong recovery in the container industry from midyear and foreign exchange gains, Trencor Ltd improved headline earnings a share more than fourfold to 165c (41,1c) for the 12 months to June 30.

At the attributable level, factory closure costs took a heavy toll, causing the group to post a loss of 39,8c a share, compared with 1999 earnings of 41,1c a share. No dividend was declared.

Turnover from continuing operations rose to R1,7 billion from R1,3 billion. Operating income, after income of R348 million, exchange gains of R346,9 million and a further R50,8 million adjustment to the rand value of long-term receivables, rose almost 250% to R644,1 million.

Attributable income from continuing operations totalled R307 million, after interest of R240,8 million, tax of R63,4 million and outside shareholders' interest of R33,2 million.

Executive chairman Neil Jowell said the losses relating to the closure of the dry freight marine container factory at Isithebe, KwaZulu-Natal in December 1999 amounted to R521,2 million before tax. This included an adjustment to the long-term receivables, net of amounts attributable to third parties, of R299,2 million at present value. The closure was prompted, in part, by low Chinese container prices, high production costs in South Africa, and queries raised by the South African Revenue Service.

He said that despite these large write-downs, total shareholders' funds at R1,54 billion were virtually the same as at June 30 last year.

Discussing trading performance, Jowell said subsidiary Textainer continued to strengthen its leading position in the container leasing industry.

"Textainer is performing very well in an industry that has recovered strongly since midyear. Its earnings for the year to June 2000 increased by US$9,7 million to US$19,1 million. Fleet utilisation is currently above 85% but container rental rates remain low, principally due to the low prices for new containers coming out of China.

"He said the decline in the R/US$ exchange rate from R6,03 at June 30 last year to R6,78 at June 30 2000 had a double-edged effect. It resulted in exchange gains amounting to R346,9 million, but also necessitated an adjustment to the rand value of long-term receivables.

"In addition to the R299,2 million attributable to the closure of Isithebe, the further R50,8 million provided brought the total increase in the adjustment, net of amounts attributable to third parties, for the year to R350 million."

Jowell said Trencor's tank container businesses, both manufacturing and leasing, were operating reasonably well in difficult prevailing market conditions, but the returns were not satisfactory."This applies equally to the stakbed manufacturing operation. As we reported in February, the continued viability of these businesses remains under review and subject to normal commercial considerations. The operations of our trailer division are improving in poor trading conditions, but do not yet provide acceptable returns." Jowell said a response was awaited from the South African Revenue Service following its queries during September and October on tax treatment of participation in export partnerships.

"We remain confident the supportive legal opinions on the income tax principles underlying the participation of partners in the export trade will prevail should SARS seek to challenge the tax treatment. However as a result of these queries and certain legislative changes during the year, our export partners were and are no longer prepared to undertake new export trades.

"In the event of a successful challenge by SARS, which we believe is unlikely, it may result in the acceleration of the payment of certain amounts attributable to third parties which are carried at present value and would otherwise be paid over 10 to 15 years."

Jowell said Trencor might dispose of certain properties surplus to the group's operational requirements. The basis of valuation of these properties had been changed from the depreciated replacement value method based on existing use to the open market value and, as a result, R29 million had been written off against non-distributable reserve. Jowell said the disposal, subsequent to the financial year-end, of all Trencor's interests in Waco International Limited for a net cash receipt, after certain obligations, of R170 million, resulted in a net capital profit of R94 million. This would be accounted for in the new financial period.

Mobile Industries, whose major investment is its 47% interest in Trencor, reported an attributable loss of 3c a share and headline earnings of 13,5c a share. This compared with 3,6c last year. Trencor and Mobile said it had been decided, subject to approval of regulatory authorities, to change the financial year-end from June 30 to December 31. The next financial period would be for the 18 months from July 1, 2000 to December 31, 2001. Interim reports would be issued for the six months ending December 31, 2000 and for the 12 months to June 30, 2001. This would bring the companies' year-ends in line with that of the Textainer group whose accounts were increasingly material to Trencor. Textainer is required to have its year end at December 31. Ends

TRENCOR PICK-UP KNOCKED BY LOSSES FROM FACTORY CLOSURE1 March 2000

Trencor Ltd today reported attributable losses of R267,2 million for the six months to December 31, 1999, after the impact of closing its dry freight container factory in KwaZulu-Natal overshadowed promising trading at its subsidiary, Textainer, one of the world's top three container leasing companies, and a better performance from its continuing operations.

Trencor, which reduced the valuation of its long-term receivables by an additional R260 million, posted undiluted interim earnings a share for its continuing operations of 50,4 cents, and headline earnings per share for the enterprise as a whole of 15,2 cents. The loss per share for the whole business was 174,9 cents, compared with earnings a share of 16,1 cents the previous year. No dividend was declared.

The continuing operations achieved turnover of R685,9 million (R585,4 million) and improved attributable income to R77 million from R16,8 million.

Executive chairman Neil Jowell said lower container utilisation levels and increased expenditure on storage and repositioning of empty containers arising from the imbalance in trade between the East and West resulted in net operating income per container dropping by mid 1999 to levels 20% below previous lows.

"Towards the end of this reporting period, we experienced an improvement in utilisation levels and net operating income. It's off a low base and too early to tell whether and to what extent it may be sustained. The price of new containers from China remains close to the low levels of previous years but displays an upward trend which should benefit owners and lessors."

Jowell said Textainer's trading, against this difficult background, was promising.

"Profits in the last quarter increased substantially and for the half year improved from R97 million to R111 million. Trencor's own earnings were helped by a foreign exchange related gain of R43 million, compared to a forex related loss of R62,1 million in the previous period.

"He said there was no material seasonal trading pattern between the first and second halves of the financial year.

The closure of the factory, at Isithebe, resulted in provisions, costs and write-downs of R487,4 million.

"Losses made up to the closure amounted to R76,8 million, of which R42,7 million is the result of the lack of export partnership funding due to uncertainty over tax treatment of participation in South African container exports," he said.

"There were employee retrenchment costs of R33,6 million, write-downs of fixed assets and of inventory of R73,6 million, and provisions for property leases and other commitments of R43,3 million.

"In addition, we had to consider the possible impact on receivables arising from the inability of long-term debtors to acquire containers from us in the future. In effect, their container fleets are now likely to be kept at current levels, thus limiting their scope to average down the cost of their fleets by adding new, lower priced units. Based on this assumption and on current estimates of future market conditions, we have reduced our valuation of receivables from these debtors over the next 10 to 12 years by R260 million, in present value terms."

Jowell said low Chinese prices, high production costs in South Africa, a relatively stable Rand and the continuing uncertainty over export partners' tax treatment made it unlikely that the Isithebe factory would re-open.

"These factors also affect the viability of manufacturing tank containers at our factories in Parow and Wadeville. Because of the uncertainty regarding tax treatment of our export partners, and the resultant lack of partnership funding, we are seeking new markets and a different customer base.

"Despite a recent improvement in fleet utilisation levels, conditions for tank container sales remain difficult since excess global manufacturing capacity is only now beginning to correct itself with the closure of a few factories and returning demand. Excess stocks from facilities just closed will however impact on prices for some time to come.

"Keeping our tank factories open will depend on how speedily the tax issues can be resolved with the SA Revenue Service, whether we can achieve sufficient improvements in productivity and efficiency, and on the extent and timing of a recovery in world prices."

Mobile Industries Ltd, whose major investment is its 48% interest in Trencor, reported an interim attributable loss per share of 13,9 cents and headline earnings per share of 1,4 cents (1,4 cents).

About Trencor

TRENCOR LIMITED is an investment holding company listed on the JSE. Trencor benefits from operations that focus on owning, leasing, managing and trading marine cargo containers worldwide, and related finance activities. Trencor has a beneficiary interest in Textainer.